Venezuela oil exports threatened by single hull tanker ban

Exports of oil from Venezuela will be seriously affected if authorities go ahead with plans to ban single hull tankers from using the Maracaibo channel.
Conditions in the channel, which links Lake Maracaibo with the Gulf of Venezuela, have come under the spotlight following the grounding of two Greek flag tankers, the 89,427 dwt Nissos Amorgos and 79,983 dwt Olympic Sponsor, at the same spot within two weeks of each other.
Since the second grounding earlier this month, local judge Ricardo Colmenares has ruled that single skin tankers should be banned from using the Maracaibo channel. The ruling has been supported by the Venezuelan navy.
An estimated 1.5m-1.8m barrels per day are shipped through the Maracaibo channel. Venezuela's state-owned oil company Petroleos de Venezuela owns only 12 double-hulled tankers capable of carrying about 400,000 barrels per day. If enforced, the move will affect Venezuela's oil exports and result in an increase in tanker rates.