IOC’s tender for three crude and gas tankers received no bids as shipowners remain wary of Strait of Hormuz disruptions.
Indian Oil Corporation (IOC) received no bids for a tender to charter three tankers to transport crude and gas through the Strait of Hormuz. The state-owned refiner sought vessels to navigate the critical chokepoint, which recently reopened after months of reduced traffic due to regional tensions.
While outbound tanker movements have resumed, many shipowners remain hesitant to operate in the area. The tender’s failure highlights persistent concerns over security risks and insurance costs in the Persian Gulf. IOC, India’s largest refiner, has not commented on alternative plans.
The development underscores broader market unease over Middle East supply chain stability, though crude prices showed limited reaction in early trading.