US targets tankers for carrying Venezuelan oil

The US Treasury Department today blacklisted two additional oil tankers and their owners for transporting Venezuelan crude cargoes in recent months.

Today's Treasury action targets the Panamanian-flagged Delos Voyager and the Liberian-flagged Euroforce. The tanker owners are Delos Voyager Shipping and Romina Maritime, respectively.

The Delos Voyager delivered a 515,000bl crude cargo from Venezuela to Qingdao, China, in February and transported another 500,000bl crude cargo to another vessel near Malaysia last month, in a ship-to-ship transfer, according to Treasury's sanctions enforcement arm, the office of foreign assets control (OFAC). The Euroforce transferred its 500,000bl Venezuelan crude cargo to another tanker in the South China Sea late last month, according to OFAC.

The Euroforce is in the Indian Ocean and appears to be heading toward the Middle East and the Delos Voyager is near Gibraltar, and neither appears to be loaded at present, shipping data indicate.

OFAC granted a general license authorizing US persons to wind down operations with the two Aframax tankers until 21 July, including permission to discharge current cargoes, dock in foreign ports and pay for insurance, safety compliance and provisions for the crews.

Treasury separately removed the Athens Voyager and the Chios I and their owners, Afranav Maritime and Seacomber, from its sanctions list. The tankers were blacklisted on 2 June but both companies have committed to enhanced compliance with US sanctions and pledged to cease involvement in the Venezuelan oil sector so long as President Nicolas Maduro's government remains in power.

The two delisted tankers are owned by Greek companies. The 2 June action by OFAC targeted another two Greek-owned tankers, the Seahero and Voyager I, and the US is negotiating with their owners to obtain similar pledge of swearing off Venezuela-related business. US oil major Chevron has chartered the sanctioned Seahero and said it is "working with the appropriate government agencies to ensure compliance with US laws and regulations." NGM Energy, the Greece-based operator of the Voyager I, has [vowed]( https://direct.argusmedia.com/newsandanalysis/article/2114562) to avoid calling Venezuela, yet its ship remains on the US sanctions list.

The actions are an example of the extra-territorial reach of US sanctions. The US does not explicitly prohibit trading Venezuelan oil for most foreign companies, but many companies are wary of US sanctions risks and have stopped chartering oil tankers that have recently operated in Venezuela.

The sanctions have accelerated a decline in Venezuela's oil production, as state-owned PdV has exhausted storage facilities.

By Haik Gugarats