MIAMI As U.S. sanctions scare away the world's largest shippers from Venezuela's oil industry, new players are willing to brave the heightened risks and help keep socialist leader Nicols Maduro afloat, according to a new report.
Collectively, those ships accounted for 33% of all maritime traffic since the U.S. banned Americans from doing business with Venezuela's oil sector on Jan. 28, 2019.
As the Trump administration has sought to deprive Maduro of easy cash from Venezuelas vast oil reserves, it has sanctioned more than 50 vessels found to have violated sanctions.
The 103 tankers visiting Venezuela for the first time appear to be owned by just 41 companies, according to the report.
Three companies with the largest fleets belong to TMS Tankers Limited, Eastern Mediterranean Maritime Limited and Delta Tankers Limited, C4ADS and IBI said.