Update on Venezuelan Economic situation

In 2011, Venezuela had roughly $30 billion in reserves. In 2015, it had $20 billion. The trend can't persist much longer, but it's hard to know exactly when Venezuela will run completely out of cash.
"The question is: Where is the floor?" says Siobhan Morden, head of Latin America fixed income strategy at Nomura Holdings. "If oil prices stagnate and foreign reserves reach zero, then the clock is going to start on a default."
According to the country's recently released 2016 financial report, about $7.7 billion of its remaining $10.5 billion of reserves is in gold. To make debt payments in the past year, Venezuela shipped gold to Switzerland.
The thinning reserves paint a scary financial picture as the country faces a humanitarian crisis sparked by an economic meltdown. Venezuelans are suffering massive food and medical shortages, as well as skyrocketing grocery prices.
Related: Venezuela may have issued passports to people with ties to terrorism
Massive government overspending, a crashing currency, mismanagement of the country's infrastructure and corruption are all factors that have sparked extremely high inflation in Venezuela. Inflation is expected to rise 1,660% this year and 2,880% in 2018, according to the IMF.
Another key problem is the relatively low price of oil, which stands at half of what it was in 2014. Venezuela has more oil reserves than any other nation in the world, and oil shipments make up over 90% of the country's total exports.
That's making it nearly impossible for the country to pay its debts and import food, medicine and other essentials for its citizens.
Venezuela's imports are down 50% from a year ago, according to Ecoanalitica, a research firm in Venezuela.
Source: CNN money
Francisco Villanova
Venepandi, C.A.

Changes in Venezuelan port administration

With the designation of a new military president for Venezuelan port administration, we consider important that all concerning parties understand the potential implications related to the government´s recent actions.

Oil sprayed by refinery at Punta Cardon causing ship/cargo possible contamination

All concerning parties should be aware about the increasing frequency of vessels contamination (and possibly cargo) due spray effect caused by the high winds in the area and spillages in the refinery buildings.

Oil Leakages at Maracaibo Lake causing hull stains

All concerning parties should be aware that the presence of oil leakages in Maracaibo Lake is a frequent issue and most vessels transiting this area are subject to oil stains on the hulls with the subsequent loss of time due the necessary cleaning arrangement.

Increasing Ignition during loading of petcoke at the port of Amuay

We´ve recently noticed that the number of cases of ignition of petcoke on board at the port of Amuay has increased with the subsequent risk to the safety on board.

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