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.

Oil pollution in Maracaibo lake

Most Vessel calling at Maracaibo lake and mainly those calling at PDVSA´s terminal there are encountering with an oil firm that ins´t being controlled by the Terminal and that is causing ship´s hulls to get polluted with black oil.

Threats to security within Venezuelan territory

Given the current violent crime situation in Venezuela which reached this week the highest pike with the murder of miss Venezuela 2004 and her Irish husband, we kindly invite club´s and members to take a look on this circular and its content in order to ensure safety of crew members and personal coming to the country for business.

Possible street riots during local elections in Venezuela

You probably are aware about the upcoming local authorities elections to take place this Sunday December 8th, 2013. To which, without creating any kind of panic, we recommend that if there are vessels docked in Venezuelan ports that day and Monday, the crew does not go to shore, as it is presumed the remote possibility of armed street riots depending on results.

Special powers given to the president will potentially increase the imports

Venezuela's National Assembly has given final approval to special powers for President Nicolas Maduro. Under the enabling act given by the assembly President Maduro will be able to govern by rule without consulting Congress for 12 months.

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