“Our correspondents in Venezuela, GLOBALPANDI, have recently issued the attached Circular dealing with the Petro, a so-called “cryptocurrency” recently launched by Venezuela as the country faces deepening economic and political problems. From a shipping perspective, Assureds should be aware that it is highly likely that payment of port and other related services may in future have to be made in whole or in part in Euros and/or Petros.

The situation remains extremely fluid and our correspondents will keep us advised of any significant developments.”

GLOBALPANDI Circular for P&I Clubs