PetroChina and Indian Oil fail to secure tankers to transport Iraqi oil
PetroChina and Indian Oil fail to secure tankers to transport Iraqi oil
2026-06-18
Shafaq News – Follow-up
Reuters reported on Thursday, citing shipping sources, that China’s PetroChina and India’s Indian Oil Corporation have failed to secure supertankers to transport shipments of Iraqi crude from Basra ports recently, amid soaring transport costs and difficulty in finding available vessels.
According to those sources, PetroChina had requested to charter a giant oil tanker (VLCC) to load oil from Iraq between June 25 and 30, but the offers submitted came at high prices that reached levels close to three times what they were months ago, which made completing the agreement more complicated.
In the same context, reports indicated that the Chinese company Sinochem is also looking for a tanker to transport shipments from the Gulf, without confirming its success in completing any agreement so far.
Informed sources also indicated that the Indian oil company did not receive any suitable offers in a recent tender to transport Iraqi oil, which later prompted it to declare a state of “force majeure” on one of the shipments.
This development comes amid disruptions in the global shipping market and rising insurance and maritime transport costs, which directly impact oil exports from the Gulf region, including Iraq.
shafaq.com
