High Tanker Rates Disrupt Persian Gulf Oil Shipments to Asia

AI Summary

High tanker rates and concerns about safe passage through the Strait of Hormuz have disrupted crude oil shipments from the Persian Gulf to Asia. Major refiners in China and India, including PetroChina, report challenges in securing affordable supertankers to transport Basrah crude oil.

The biggest state-owned refiners in China and India have failed to procure supertankers to load crude from the Persian Gulf later in June as tanker rates are too high and guarantees on safe passage through the Strait of Hormuz lacking, Reuters reported on Thursday, quoting company and shipping sources.  In the past few days, energy giant PetroChina has received six offers in a tender to procure a very large crude carrier (VLCC) to load Basrah crude from Iraq. PetroChina did not like any of the offers as freight prices were triple compared…