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15Apr 2019 by mark

Fourth Quarter 2017 Report 2018-1 Maritime Newsletter

Newsletters

I. NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such. “Reuters: PDVSA is negotiating to obtain funding from four oil companies” PDVSA is reaching out to Rosneft (Russia), Eni (Italy), Repsol (Spain) and Statoil (Norway) to obtain funding for oil and gas projects. The Vice-President of PDVSA Gas argued they are very open to continue to work together. http://www.el-nacional.com/noticias/petroleo/reuterspdvsa-negocia-obtener-creditos-cuatro-companiaspetroleras_212689 “The President of Venezuela announces the creation of the Petro, a cryptocurrency supported by oil, gas, gold and diamonds” Venezuela is trying to create a cryptocurrency similar to Bitcoin, which will be supported in the mineral resources of Venezuela. Venezuela is facing a deep depreciation of its currency, making 1 USD equivalent to its highest bank note Bs. 100.000. Last month, the Bolivar…

Third Quarter Report 2017-10 Maritime Newsletter

Newsletters

I. NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such. “Mission Accomplished: The Bolivarian Government received 2 new tugboats to complete the fleet “Linda Barinas” from INEA” Two new tugboats, ALBA and SUR, are now part of the fleet of National Institute of Aquatic Spaces (INEA for its acronym in Spanish). These tugs have a capacity of 72 tons of bollard pull and join the Fleet of the first 10 tugboats received earlier by the Maritime Authorities with a 42 tons capacity. The crews for these vessels will be instructed in Centro de Educación Náutica Venezolano (CENAVE) in La Guaira and will go on board immediately to attend the needs of the Venezuelan national ports. The size of these tugboats is new…

Second Quarter Report 2018 7 Maritime Newsletter

Newsletters

I. NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such “The Venezuelan Central Bank authorized private banks to hold foreign currency” The VCB is allowing the private banks to receive and retain deposits in foreign currency. Any other operation in foreign currency is prohibited. The authorization was supposed to be valid until June 30 2018, and it was based on the fact that the VCB has no official correspondent. http://www.bancaynegocios.com/bcv-autoriza-a-labanca-privada-a-mantener-sus-posiciones-enmoneda-extranjera/ “INEA announces process of re-registration” The Venezuelan Maritime Authority (INEA) announced a mandatory re-registration of all the vessels under Venezuelan flag, starting on June 4 until November 1, 2018. INEA stated that the purpose of this process is to update the files for each vessel. Owners, or interested parties, must file the…