McQuilling Partners has reportedly told the Venezuelan state-owned oil producer Petroleos de Venezuela (PDVSA) that it will scrap all charter contracts in the wake of sanctions imposed by the US.

A source familiar with the development told Reuters that McQuilling, which offers four tankers to PDVSA on contract, will cease providing oil-shipping services to Venezuela.

According to a document seen by Reuters: “McQuilling will not engage in any ship brokerage activity and services involving charters with PDVSA,” until the sanctions against PDVSA are lifted by the US Treasury.

The US-based McQuilling will join German tanker operator Bernhard Schulte Shipmanagement (BSM), which has announced that the company will retract from managing PDVSA’s tankers by the end of March or early April.

A statement by BSM was quoted by the news agency as saying that recent political developments have made managing assets for the Venezuelan Government a difficult task and BSM was working on returning Venezuelan vessels to PDVSA’s maritime arm PDV Marina and its subsidiaries.

“McQuilling will not engage in any ship brokerage activity and services involving charters with PDVSA.”

The German firm operates a fleet of 15 PDVSA vessels. BSM said that returning tankers to PDV Marina has proven to be “a difficult task considering the lack of resources” in Venezuela.

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The departure of both maritime services provider will hinder the OPEC member’s ability to supply its crude to global markets. Oil trade represents more than 90% of Venezuela’s export revenue.

In January, the US imposed sanctions on PDVSA and Venezuela as part of its strategy to stop oil revenues to the government of President Nicolas Maduro, who the US and 50 other countries no longer recognize as Venezuela’s legitimate leader.

Venezuela’s oil export fell almost 40% in the first month after sanctions were imposed on 28 January. Over six million barrels of oil were stuck on tankers after PDVSA demanded prepayment for the cargoes.