February 26, 2026

Maritime intelligence brief: Venezuela’s undeclared crude surge and rising sanctions risk

Reporting Period: 17–23 February 2026
Area of Responsibility: 11 Countries
Generated: 24 February 2026

1. Executive Summary

Venezuela Cargo Activity — Significant Escalation

Venezuelan crude and fuel oil exports during 17–23 February 2026 showed a dramatic surge in unknown-destination volumes, rising from 481 kt (W08) to 1,340 kt (W09) — a 178.4% week-over-week increase.

  • Floating Storage: 13,664 kb (+46.2% WoW)
  • Unknown-Destination Exports: 1,340 kt (+178.4% WoW)
  • Confirmed STS Events: 3 (Balsa / Nave Neutrino / Minerva Astra)
  • AOR Congestion (W09): 46 vessels (−14.8% WoW)

Three ship-to-ship (STS) transfers were recorded in Venezuelan waters and near Aruba Light. PDVSA remains the identified seller on the majority of export cargoes. Charterers Trafigura, Chevron, and Freepoint were identified on confirmed-destination cargoes moving toward the US Gulf Coast and Spain.

Compliance Screening — OFAC SDN Exposure Identified

Of 15 vessels screened:

  • 2 vessels linked to active OFAC SDN-designated entities
  • Multiple vessels exhibited AIS spoofing, dark STS events, draught-change AIS gaps, or sanctioned cargo patterns

⚠ OFAC SDN ALERT — MV VOLANS (IMO 9422988)

Beneficial owners JETEE CO LTD and BRITNEY RYDER LTD are OFAC SDN (March 2025). Vessel active in Venezuelan crude trades. Expired P&I (Nov 2023).

⚠ OFAC SDN ALERT — MV EVANCA (IMO 9214745)

Beneficial owner BABYLON NAVIGATION DMCC designated OFAC SDN (Aug 2025). No ISM manager on record since July 2025.

2. Vessel Compliance Screening

Data sourced from AIS tracking, port intelligence, and sanctions databases. AIS gaps reflect recorded draught changes. Dark STS events are algorithmically or analyst detected.

High Risk / SDN-Linked Vessels

Vessel IMO Flag Type Risk Key finding
Volans 9422988 Barbados Aframax OFAC SDN Owner JETEE CO LTD + BRITNEY RYDER LTD on OFAC SDN (Mar 2025). Sanctioned cargo & companies across all roles. 2 AIS gaps w/ draught change. 1 dark STS. Active VEN port calls. Expired P&I (Nov 2023).
Evanca 9214745 Comoros Handy/MR1 OFAC SDN Beneficial owner BABYLON NAVIGATION DMCC on OFAC SDN (Aug 2025). Sanctioned cargo + ownership on all recent VEN port calls. No ISM manager on record since Jul 2025. Non-IACS class.
Balsa 9247821 Panama Aframax HIGH RISK 2 AIS spoofing events (VEN). 3 AIS gaps w/ draught change (VEN). 3 dark STS events (Amuay Light/VEN — Laura, Minerva Georgia, Ivi). Sanctioned cargo all port calls. 657-hr congestion dwell at La Salina.
Rene 9250622 Panama VLCC HIGH RISK 6 AIS spoofing events. 3 AIS gaps w/ draught change (Nigeria/S. Africa). 2 dark STS (VEN — Rosse, Minerva V). Sanctioned cargo VEN crude→China/Singapore/Malaysia. Non-IACS classification. No declared charterer or destination.
Eliak 9199713 Palau Aframax HIGH RISK 10 AIS spoofing events (Colombia, Ghana, Atlantic). 5 dark STS (VEN/Amuay Light). Prior Russian FO trades (St. Petersburg→China). No P&I Club on record. Paris MoU deficiencies noted.
Nissos Paros 9592290 Greece Aframax ELEVATED 3 prior Russian crude trades (Ust Luga→Turkey). 3 AIS gaps w/ draught change (Egypt/Turkey/Russia). 14 PSC deficiencies Rotterdam Jan 2026. P&I gap pre-Aug 2024. Loading Boscan at Bajo Grande — no declared destination.
Gloria Maris 9899997 Liberia Suezmax ELEVATED Sanctioned cargo (VEN crude + prior Russian crude→India). 2 AIS gaps w/ draught change (Brazil/Cuba→Mexico). PSC detention Algeciras Dec 2023. ISM change Mar 2025.
Ice Energy 9301732 Liberia Panamax ELEVATED Sanctioned cargo (VEN FO→Sint Eustatius; VEN crude→Curacao). No ISM manager since Jul 2025. 10 PSC deficiencies Jan 2026. VEN→Caribbean transshipment pattern.
Sea Coral 9935650 Liberia Suezmax ELEVATED Sanctioned cargo (VEN crude, current voyage, Jose→Spain). 1 AIS gap w/ draught change (Angola). Charterer: Trafigura. Destination declared.
Nave Neutrino 9971733 Panama Aframax MONITOR Sanctioned cargo (Boscan, VEN). STS at Aruba Light with Ionic Anax. 1 AIS gap w/ draught change (Mexico). Navios/Genel operator. No sanctions on companies.
Torm Gwendolyn 9428982 Singapore Aframax MONITOR Sanctioned cargo (VEN HSFO, Amuay). 3 AIS gaps (Vietnam/Oman/Arabian Sea). Operator: TORM A/S — recognized commercial entity. Destination: Bilbao, Spain.
Hafnia Africa 9467811 Singapore Panamax MONITOR Sanctioned cargo (VEN HSFO, Amuay). Operator: Hafnia Tankers — recognized entity. 8 PSC deficiencies Rotterdam Feb 2026. No AIS anomalies.
Amazon Falcon 9779587 Greece Panamax MONITOR 3 AIS gaps w/ draught change (US/Mexico→Cuba/Brazil). No VEN cargo. 213-hr dwell Coatzacoalcos, Mexico. Mercuria operator. No sanctions.
Antipolis 9792204 Greece Panamax MONITOR 1 AIS gap w/ draught change (Brazil). No sanctions. 256-hr dwell Bayovar, Peru. Andriaki Shipping operator. Clean PSC record.
Bow Hector 9363493 Norway Handy/MR1 NO FINDINGS 1 AIS gap w/ draught change (China). No sanctions. 229-hr dwell Fortaleza, Brazil. Odfjell Tankers operator. Clean PSC record.
Dark STS events are algorithmically or analyst-detected — not confirmed transfers. This table does not constitute legal advice or sanctions guidance.

Additional vessels classified Elevated, Monitor, or Clear showed varying degrees of sanctioned cargo exposure, PSC deficiencies, or anomaly indicators.

3. Cargo Flows — Crude & Fuel Oils (17–23 FEB 2026)

AOR Export Volumes by Origin (W09)

Origin country Volume (kt)
Brazil ~7,310*
Venezuela 1,491
Guyana 1,172
Argentina 927
Colombia 969
Mexico 760
Ecuador 683
Peru 146
Panama 138
Trinidad & Tobago 74
*Brazil W09 includes large intra-country volume (3,153 kt); total external exports ~4,157 kt. Venezuela figure excludes intra-VEN movements.

*Brazil includes intra-country volume (~3,153 kt)

Venezuela Unknown-Destination Exports

Week Volume (kt)
W08 (10–16 FEB) 481
W09 (17–23 FEB) 1,340 ▲ 178%

▲ 178% WoW Increase

Venezuela W09 Destination Breakdown

Destination Volume (kt) Note
None declared 1,340.49 No destination in Kpler data
United States 151.04 AIS-confirmed (USGC: LOOP)

Venezuelan Vessel Movements (17–23 FEB)

Vessel IMO Product Volume (t) Origin Destination Charterer / Seller
Rene 9250622 Merey 286,972 Port of Jose None declared — / —
Gloria Maris 9899997 Merey 151,038 Jose Export Spain (Cartagena) Trafigura / PDVSA
Sea Coral 9935650 Merey 151,038 Jose Export Spain (Cartagena) Trafigura / PDVSA
Balsa 9247821 VEN Crude 36,033 Puerto Miranda Bahamas (Freeport) Freepoint / PDVSA

4. Port Congestion & Vessel Dwells

AOR Congestion (W08 → W09)

  • Brazil: 21 → 16 ▼
  • Mexico: 4 → 8 ▲
  • Venezuela: 3 → 4 ▲
  • Ecuador: 1 → 5 ▲

Notable Vessel Dwells (100+ hours)

Vessel IMO Country Port / Installation Product Dwell (hrs)
Balsa 9247821 Venezuela La Salina Terminal Crude 657
Antipolis 9792204 Peru Bayovar Terminal Crude 256
Amazon Falcon 9779587 Mexico Pajaritos, Coatzacoalcos Crude 213

5. AIS Gap & Dark Activity Summary

Vessel IMO Risk AIS gaps AIS spoofs Dark STS events Notes
Balsa 9247821 HIGH 3 (all VEN, max Δ1.4) 2 (VEN, 24–27k min) 3 — Laura, Minerva Georgia, Ivi 657-hr dwell; sanctioned cargo all calls
Rene 9250622 HIGH 3 (Nigeria/S. Africa, max Δ8.8) 6 (Nigeria, Ghana, China) 2 — Rosse, Minerva V VEN crude→CN/SG/MY; non-IACS class
Eliak 9199713 HIGH 0 10 (Colombia, Ghana, Atlantic) 5 — Elayna×2, Aulis, Deliver, Adeline G No P&I; Russian FO history
Volans 9422988 OFAC SDN 2 (VEN Δ1.8; Egypt/Greece Δ1.3) 0 1 — Porewit (Singapore Strait) SDN owners; expired class & P&I
Evanca 9214745 OFAC SDN 0 0 0 SDN benef. owner; no ISM; non-IACS
Nissos Paros 9592290 ELEVATED 3 (Egypt/Turkey/Russia, max Δ4.3) 0 0 Russian crude history; 14 PSC def.
Gloria Maris 9899997 ELEVATED 2 (Brazil Δ8.2; MX→Cuba Δ7.6) 0 0 PSC detention Dec 2023
Ice Energy 9301732 ELEVATED 0 0 0 No ISM since Jul 2025; 10 PSC def.
Sea Coral 9935650 ELEVATED 1 (Angola Δ5.6) 0 0 Dest. declared (Spain)
Nave Neutrino 9971733 MONITOR 1 (Mexico Δ3.5) 0 0 STS w/ Ionic Anax, Aruba Light
Torm Gwendolyn 9428982 MONITOR 3 (Vietnam/Oman/Arabian Sea) 0 0 TORM operator; dest. declared
Hafnia Africa 9467811 MONITOR 0 0 0 8 PSC def. Rotterdam Feb 2026
Amazon Falcon 9779587 MONITOR 3 (US/MX→Cuba/Brazil, max Δ3.6) 0 0 Mexico dwell; Mercuria operator
Antipolis 9792204 MONITOR 1 (Brazil Δ3.1) 0 0 Peru dwell; clean PSC
Bow Hector 9363493 CLEAR 1 (China Δ4.5) 0 0 Odfjell operator; Brazil dwell
All AIS gaps listed had draught changes unless noted. Dark STS events are algorithmically or analyst-detected — not confirmed transfers.

All AIS gaps listed include draught changes unless otherwise noted.

5B. LNG Export Flows (10–23 FEB)

LNG Unknown-Destination Alert

  • Trinidad & Tobago: 337,560 m³ (100% undeclared, doubled WoW)
  • Peru: 168,780 m³ (100% undeclared)

Combined undeclared LNG exports: ~506,000 m³

Both countries exported to named destinations (Italy, South Korea) two weeks prior.

6. Regional Snapshots

Caribbean Basin

Venezuela unknown-destination exports up 178% WoW. Floating storage at 13,664 kb (+46%). Two SDN-linked vessels active. Three STS events recorded.

Central America Pacific

Mexico congestion doubled (4→8). Panama stable. Colombia exports 969 kt.

South America Atlantic

Brazil highest export volume (~7,310 kt). Floating storage +191% WoW. Argentina steady congestion.

South America Pacific

Ecuador congestion increased (1→5). Peru LNG exports 100% undeclared.

7. Consolidated Vessel Reference Table

Vessel IMO Flag Type Registered owner ISM manager P&I club Risk
Volans 9422988 Barbados Aframax BRITNEY RYDER LTD (SDN); JETEE CO LTD (SDN) Expired Nov 2023 SDN
Evanca 9214745 Comoros Handy/MR1 EVANA SHIPPING SA None on record West of England SDN
Balsa 9247821 Panama Aframax BALSA NAVIGATION SA CARDONA SHIP MGMT West of England HIGH
Rene 9250622 Panama VLCC BRONZE ENTERPRISES CARDONA SHIP MGMT West of England HIGH
Eliak 9199713 Palau Aframax LEUHAN MARITIME LTD BRILLIANT MARINE SOLUTIONS None on record HIGH
Nissos Paros 9592290 Greece Aframax ZENITH MARITIME CORP KYKLADES MARITIME Gard P&I ELEV.
Gloria Maris 9899997 Liberia Suezmax GLORIA MARIS SA ITM LTD UK P&I Club ELEV.
Ice Energy 9301732 Liberia Panamax ANTIKIRA SHIPPING None on record NorthStandard ELEV.
Sea Coral 9935650 Liberia Suezmax CORAL SHIPOWNERS INC SEA WORLD MGMT Skuld ELEV.
Nave Neutrino 9971733 Panama Aframax ITHAKI SHIPPING CORP GENEL DENIZCILIK UK P&I Club MON.
Torm Gwendolyn 9428982 Singapore Aframax TORM SINGAPORE TORM A/S NorthStandard MON.
Hafnia Africa 9467811 Singapore Panamax THOUSAND FOREVER PTE DONNELLY TANKER MGMT Skuld MON.
Amazon Falcon 9779587 Greece Panamax MERIDIAN MARINE CO SUN ENTERPRISE LTD Britannia MON.
Antipolis 9792204 Greece Panamax NOVEL SHIPPING INC ANDRIAKI SHIPPING Gard P&I MON.
Bow Hector 9363493 Norway Handy/MR1 HASHIHAMA SHIPPING THOME CROATIA DOO Gard P&I CLEAR

(Additional vessels classified Elevated, Monitor, or Clear.)

8. Notable Patterns & Outlook

Pattern 1 — Venezuela Unknown-Destination Surge

Largest single-week increase in recent reporting cycles (▲178%). VLCC Rene departed with 286,972 t Merey crude and no declared destination.

Pattern 2 — SDN-Linked Vessels Active

Two SDN-connected vessels operating in Venezuelan waters. Expired compliance documentation and flag-state oversight gaps noted.

Pattern 3 — Shared Management Network

Balsa and Rene share CARDONA SHIP MANAGEMENT SERVICES. Pattern consistent with coordinated export staging.

Report Notes

Reporting Period: 17 FEB 2026 – 23 FEB 2026
Data Sources: AIS tracking, commercial intelligence, port data, sanctions databases
15 vessels screened

This report does not constitute legal advice, sanctions guidance, or intelligence assessment.

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