Shipping & Freight #crude oil#tankers
PetroChina, Indian Oil Fail to Secure Tankers to Load Iraqi Crude Amid Soaring Rates
PetroChina and Indian Oil failed to secure very large crude carriers to load Iraqi Basrah crude in late June, as freight rates nearly triple pre-war levels and transit through the Strait of Hormuz remains uncertain. A PetroChina official cited high costs and lack of guarantee to exit the strait, while IOC issued force majeure on its cargo.
Jun 18, 2026 1 source