Two super oil tankers flying Chinese flags are en route to Venezuela to receive crude oil backloads that have turned around and are returning to Asia, according to LSEG transport data on January 12.
Two large crude oil tankers Xingye and Thousand Sunny have been anchored in the Atlantic Ocean for weeks, waiting for instructions amid US blockades and the crisis in Venezuela, originating from the US arrest of President Nicolas Maduro.
These ships are part of a group of 3 super oil tankers operating only on the Venezuela - China route to transport crude oil that Venezuela uses to pay debts to this Asian nation.
The loans are part of Venezuela's total debt to China. Immediately after Venezuela was imposed energy sanctions by the US in 2019, China gave Venezuela a grace period to receive payments and negotiated a temporary agreement with Caracas to compensate for debt repayment with crude oil trips.
Transportation data shows that China has not received any shipments since December last year when the US announced an embargo on Venezuelan crude oil.
