Starla Ship Details and Seafarer Feedback

The Very Large Crude Carrier (VLCC) 'Starla' has successfully commenced the discharge of approximately 2 million barrels of condensate at PDVSA’s vital Jose port in Venezuela. This operation is a result of a strategic swap agreement initiated between the Venezuelan state oil company, PDVSA, and the National Iranian Oil Company (NIOC) during the latter half of 2021. This mutually beneficial arrangement allows the exchange of Iranian condensate for Venezuela's heavy crude, which is crucial for maintaining Venezuela’s oil production levels. The cooperation between these two state-run companies, both facing U.S. sanctions, has led to the exchange of about 4.82 million barrels of condensate for 5.55 million barrels of heavy crude in 2021, primarily transported via Iranian-registered vessels. Additionally, the partnership has expanded to include the exchange of Iranian gasoline for Venezuelan jet fuel since 2020, alleviating fuel shortages in the South American nation. The 'Starla', managed by the National Iranian Tanker Company (NITC), made its way to Venezuelan waters on January 28, 2022. Notably, the vessel deactivated its transponder in December 2021 prior to its departure from Tombak port in Iran. On January 31, tugs assisted in the ship's navigating towards the PDVSA-operated Jose port. Although the delivery of the condensate was initially anticipated for December, delays occurred due to insufficient oil storage capacity and logistical bottlenecks, as highlighted in internal PDVSA documents. These ongoing storage challenges have compelled PDVSA to utilize floating storage solutions and escalate the export of diluted crude oil to Asian markets.

In a significant development in the oil market, the Iranian supertanker Starla, loaded with two million barrels of crude oil, has departed for Asia after being anchored in Iranian waters for several months. This marks the inaugural sailing of a vessel storing Iranian crude in offshore locations since the recent nuclear agreement was reached this past Tuesday between Iran and six prominent world powers. This landmark deal paves the way for Iran to see a reduction in international sanctions and a potential increase in its oil exports. While market experts anticipate that Iran’s return to the global oil market will not be substantial until next year, the country has been utilizing its fleet of vessels to store millions of barrels of oil. The NITC-operated Starla has been designated for floating storage since December 12, according to tanker tracking data.