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PetroChina and Indian Oil unable to book VLCCs for Basrah Iraqi crude loadings in late June

PetroChina and Indian Oil Corp sought to charter very large crude carriers (VLCCs) this week to load Iraqi crude at Basrah but were unable to secure vessels. PetroChina received six offers at worldscale points of 650 to 750 but walked away over the cost and uncertainty over passage through the Strait of Hormuz. Indian Oil received no offers and issued force majeure on a June 22–23 cargo, according to a source familiar with the matter. Shipping sources said that despite an interim U.S.-Iran deal aimed at reopening the strait, charters may still require special contractual clauses, leaving near-term liftings constrained.
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