IOC's Tanker Tender Comes Up Empty as Hormuz Risk Lingers

AI Summary

Indian Oil Corporation's tanker tender to charter vessels for crude and gas shipments from the Persian Gulf via the Strait of Hormuz received no bids, reflecting ongoing risks in the region. Despite the tentative reopening of the strait and increased vessel traffic, shipowners remain cautious due to security concerns.

Indian Oil Corporation (IOC), the biggest refiner in the country, did not receive any bids in a tender to charter three tankers to pick up crude and gas from the Persian Gulf and ship the volumes through the Strait of Hormuz, trade sources with knowledge of the development told Reuters on Tuesday. Since the Strait of Hormuz tentatively reopened at the end of last week, vessel traffic has picked up, especially for outbound tankers that have been stuck for months in the Gulf. But many shipowners and operators remain very cautious about their willingness…