Tankers backed up at Bullenbaai

May 04, 2016 10:20 AM
WILLEMSTAD--Three tankers were waiting to discharge some 1.65 million barrels of US crude at the Curaçao Oil Terminal (COT) at the end of last week, soon to be joined by another 1.1 million barrels underway, as Venezuelan PdVSA's port delays worsen due to growing imports, according to Thomson Reuters data.
 
The state-owned oil company last month awarded British Petroleum (BP), China Oil and PetroChina large tenders to buy some 8.7 million barrels of US and Nigerian light oil for delivery in the second quarter, doubling its regular crude imports.
However, equipment malfunctioning at PdVSA's main oil port, Jose, has caused delays for loading and discharging tankers, curbing crude exports and forming a backlog of vessels waiting to deliver imports.
 
The Aframax Lillesand chartered by BP and loaded on April 27, at Enterprise Products Partners' terminal in Houston, was the most recent tanker with US crude that set sail to the Bullenbaai terminal in Curaçao operated by PdVSA, according to Thomson Reuters vessel data.
 
The Aframax Drepanos was also on its way to the island, with tankers NS Century, Paramount Hatteras and Angelica Schulte chartered by BP and China Oil having arrived in Curaçao since mid-April. Wait times were over 10 days in some cases, the data says.
 
“It's just a nightmare,” said a shipbroker who did not want to be identified. “If there is not a problem related to terminal equipment, PdVSA is facing a payment delay of accumulation of pending freight payments.”
 
While the backlog of vessels had eased in recent days around Jose, diverted tankers and more imports created a similar problem around Curacao, where PdVSA blends crude for exports and leases the 335,000-barrel-per-day Isla refinery.
 
As of April 27, 14 dirty tankers were anchored around Jose, less than 18 in early April, but tankers waiting off Curacao had increased to more than a dozen and some 80 vessels in total were waiting around all PdVSA's ports in Venezuela and the Caribbean.
 
Traders and shippers consulted expected the backlog to continue this month if Jose's problems were not solved, as PDVSA will start receiving Nigeria's Qua Iboe crude from BP. According to the tender's terms, the British firm must deliver three 900,000-barrel cargoes from May through June.
 
PdVSA has not only increased crude imports, but it is also buying more products since its domestic refining network started having power and equipment problems at the beginning of the year. Last week, it offered to buy up to five 300,000 barrel cargoes of catalytic naphtha and high-sulphur diesel.

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