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IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks

The Hindu Nov 08, 2026 at 11:45 AM IST Business
IOC to buy crude, LPG ships as West Asia crisis...

AI summary

Indian Oil Corp is set to purchase its own crude oil and LPG tankers to secure shipping amid rising freight costs and West Asia tensions. The move follows board approval and aims to reduce reliance on costly time-charters as rates spike.

Key takeaways

  • IOC approved buying vessels and may build ships domestically under Make‑in‑India.
  • Time‑charter rates for crude carriers are $2‑2.5 per barrel versus $8‑10 spot rates.
  • LPG freight surged to $160‑180 per tonne, up from $40 normally.
  • IOC's spot crude purchases rose to 87% of sourcing, boosting profit to ₹21,630 crore.
Read the original at The Hindu

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