The ships — which loaded and set sail largely before a US blockade on Venezuela began in earnest last month — will likely join a fleet already idling in waters off Malaysia and China. Many of these vessels hold the Latin American country’s heavy, sour crude, supplied under now-deposed President Nicolas Maduro — a short-term cushion for Chinese buyers preparing for a future of higher prices.
The Tamia and the Loyalty, which loaded in November and December respectively, appear to be among the final arrivals to Asia, according to data from analytics firms Kpler and Vortexa. The two ships, which are transporting a total of about 3.8 million barrels of oil, are sailing past the Cape of Good Hope and pointing east toward Asia, with arrivals expected next month. Currently, about 24 million barrels of Venezuelan oil are held in floating storage globally, with roughly half of that in Asia, according to Kpler estimates.
Since Maduro’s capture in early-January, Washington has sought to take control of Venezuela’s oil trade, reviving the flow of its crude to US refiners. Commodity traders Vitol Group and Trafigura Group are also playing a significant role in the new link, thanks to US licenses.
For Chinese buyers, especially private refiners who have long benefited from cheap feedstock, there is little to cheer. This week, Vitol offered Merey crude to China at discounts of about $5 a barrel to Brent — far narrower than levels as wide as $15 a barrel before the US campaign.
Volumes of Venezuelan oil already on the water and on the way to China can cover the needs of the world’s largest importer for one to two months, traders said. Some of the vessels are carrying cargoes that have already been sold and are just awaiting a window to discharge, while others are unsold.
After these volumes are used up, China will need to pay international prices for Venezuelan crude, or use costlier alternatives such as Canadian or Iranian grades.
(Bloomberg, January 20, 2026)