Indian Oil plans to buy its own oil, LPG ships as freight costs surge 4 times

AI Summary

Indian Oil Corporation is considering buying its own oil and LPG carriers and exploring shipbuilding ventures in India as freight costs have surged amid geopolitical tensions. The company is also diversifying crude sources to reduce disruption risks and capitalize on market conditions.

To bolster its shipping logistics, Indian Oil Corporation is planning to acquire its own carriers and is looking into shipbuilding ventures within India as part of the Make in India initiative. The rise in geopolitical tensions has led to higher shipping costs, necessitating these strategic changes. IOC has also diversified its crude sourcing to minimize supply disruptions and leverage market opportunities, successfully reporting significant earnings in the last quarter.