Shipping Companies Are Racing to Obtain Tankers and Establish Transfer Operations

Leading energy and shipping firms are hurrying to acquire vessels and coordinate operations for the transfer of Venezuelan crude oil as global markets respond to recent geopolitical developments and changes in U.S. policy.

Following the removal of Venezuela’s president and the U.S. declaration that it may supervise the release of up to 50 million barrels of previously sanctioned oil, traders and oil corporations, including Chevron, Vitol, and Trafigura; are in urgent negotiations to secure tanker capacity and logistics at crucial Venezuelan export locations.

The logistical challenges are considerable: a significant portion of the crude is held in ageing, poorly maintained ships or deteriorating onshore storage facilities, and there is a shortage of smaller vessels needed for ship-to-ship transfers from floating storage to export tankers. Shipping companies such as Maersk and American Eagle Tankers are seeking to expand transfer operations in Venezuelan waters and neighbouring hubs like Aruba and Curaçao to meet the rising demand. This swift mobilization highlights the convergence of global energy supply chain dynamics, sanctioned oil logistics, and maritime transport strategies, while also emphasizing the fierce competition among corporations to take advantage of the newly accessible Venezuelan oil exports while navigating infrastructure limitations and regulatory uncertainties.