Wed August, 2020, Age: 3 years
Court documents show that US sanctions on the state-run Petroleos de Venezuela (PDVSA) caused the company to lose insurance on three very large crude carriers (VLCCs), the Junin, Boyaca, and Carabobo. This led to millions of dollars in losses for the Singapore-based joint venture CV Shipping, led PDVSA’s partner, PetroChina, to declare CV Shipping bankrupt. As a result, Venezuela has lost three supertankers at a time when foreign shippers are reluctant to carry its oil and leading to the effective collapse of Venezuelan oil exports. According to Reuters, the dispute marks an unceremonious end to China’s 2008 efforts to deepen ties with the oil-rich state.
