Traders are booking tankers that are not under sanctions to move crude out of Venezuela, according to market information, as the trade shifts away from the "dark fleet" that dominated such flows in recent years.
Trafigura fixed the Suezmaxes Folegandros and Poliegos to load 130,000 tons of crude each out of Venezuela, or a bit under 1mn barrels in early February, with the option to discharge anywhere.
Although there was no destination attached to the fixture, the size of the vessel may indicate that it is heading to Europe, as Venezuelan crude headed to the US Gulf coast is usually transported on smaller Aframaxes, while crude heading to China is typically transported on very large crude carriers.
There was no rate attached to the fixture, although the current Argus-assessed rate for a 145,000t Suezmax heading from Venezuela's neighbor Guyana into Europe was at WS125.5, or around $2.89/bl for Paraya Gold, as of 21 January. The rate for that route was heard as high as WS135 at midday Thursday. Chartering activity rose on the day, mostly for US Gulf coast-loading cargoes, the inverse to a drop-off in deals on Wednesday.
The vessels are part of the mainstream tanker fleet, meaning they are not under sanctions by Western governments. Vessel tracking data confirms that the Folegandros and Poliegos are currently sailing in ballast on their way to San Jose, Venezuela, and set to arrive at the end of January.
Tanker loadings in San Jose are set to pick up in the next week, with Kpler data showing six vessels loading in Venezuela in the week starting 26 January.
