German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally ...
- German shipping firm Bernhard Schulte Shipmanagement has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by Reuters and sources close to the decision.
BSM operated 13 of the 32 tankers owned by PDVSA and two Very Large Crude Carriers jointly owned by PDVSA and PetroChina, according to the companies. In March, BSM started withdrawing staff from PDVSA’s tankers to reduce its exposure to Venezuela and later returned some of them to the firm. PDVSA crude and fuel exports have dropped to around 800,000 barrels per day so far in May, down from 1.4 million bpd just before sanctions, according to PDVSA’s trade documents and Refinitiv Eikon data.
On April 6, the Arita, owned by PDVSA’s subsidiary Albanave and operated by a unit of BSM, was detained in Singapore by law firm Gurbani & Co on behalf of BSM, according to the country’s Supreme Court website and a source familiar with the matter. The amount owed by PDV Marina to BSM globally at the end of 2018 was at least $15 million, according to a source at the company and another document seen by Reuters early this year.
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