Shipping sources said the transaction is part of a new deal between state-owned PDVSA of Venezuela and Algeria's Sonatrach.

The 312,000-dwt Carabobo (built 2014) loaded over the weekend in Algeria, Reuters reported.

The ship is listed as owned by CV Shipping of Singapore, but is believed to be controlled by PDVSA.

Its last recorded position on Tuesday was west of Gibraltar, heading out into the Atlantic.