Venezuela is just a mess!

The President of Venezuela, Hugo Chavez, has really managed to make a mess of the country. It's quite sad, considering they have so much oil.

There is so much concern about the developments in Venezuela, that London’s marine insurance market placed it on its list of most risky places for shipping.

This from Lloyd's List

Last month, the Venezuelan government seized a slew of marine offshore energy assets in the busy oil shipping area of Lake Maracaibo, including more than 300 support vessels and 39 terminals.

The Venezuelan military in March took control of key ports across the country, following legislative reforms to bring the administration of these strategic assets under state control.

Fears of civil unrest and further nationalisation of strategic assets, including ports and shipping, have prompted the inclusion of the South American region’s energy powerhouse on the market’s “danger area” list.

The Lloyd’s and London company insurance markets’ Joint War Committee draws up the hull war, strikes, terrorism and related perils list to alert underwriters on where in the world vessels face the most danger.

Internal conflict in the Maracaibo region, deteriorating political conditions and rampant inflation have all contributed to raise the alarm bells for London insurers over ships operating in and around Venezuela.

click here for complete article