Fourth Quarter 2017 Report 2018-1 Maritime Newsletter

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…
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Third Quarter Report 2017-10 Maritime Newsletter

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…
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Second Quarter Report 2018 7 Maritime Newsletter

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…
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2016-8 Marine Newsletter

2016-8 Marine Newsletter

Newsletters
Recent changes in the legislation via Presidential Decree of a new administrative regime for Venezuelan Public PortsMaritime newsletter- Venezuela On July 11th of the current year the President enacted by Presidential Decree published in Official Gazette No. 40.941, the so-called "Gran Mision Abastecimiento Soberano y Seguro” (hereinafter "Gran Mision” or the "Program”). The main purpose of this Government Program was to, inter alia, provide a boost to the national productive system and enforce the availability and distribution of certain relevant products associated with the food, pharmaceutical, personal, household and hygiene industries.   The Presidential Decree introduced the incorporation of a new Council to guarantee the efficiency of the system. This Council, which is led by the Minister of Defense Vladimir Padrino Lopez, has the power (in respect of the products…
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