Story thread · 2 reports / 2 sources

Reliance pays $25m for Iraqi crude vessel

economictimes.indiatimes.com · 4dShare

NEW DELHI/LONDON: India's Reliance Industries has paid ​a record $23 million to $25 million to ​charter a supertanker to lift Iraqi crude, pointing to a ​limited pool of ships available in the Gulf and the soaring costs of every voyage, three shipping sources said.Shipping traffic via the Strait of Hormuz, through which Iraq's seaborne oil must pass, ‌is still well ⁠below the ⁠average of 125 to 140 vessels a day seen before the Iran war began at the ​end of February, putting further strain on buyers seeking to get cargoes out.Reliance, the operator of ​the world's biggest refining complex in India's western state of Gujarat, booked the tanker to load 2 million barrels of oil at 1200 World Scale - a measure of ​freight costs, which was 12 times the benchmark freight ⁠rate, to ‌lift Iraqi crude, the sources said.Also read: RIL sees better global refining margins despite oilfield attacksThat translated into a total ​cost of $23 ​million to $25 million for the charter hire - among the high

First report: India's Reliance books supertanker at record freight price to lift Iraqi crude — reuters.com, 4d