The Economic Times

Reliance Industries books supertanker at record $23-25 million freight to lift Iraqi crude

Reliance Industries paid a record sum to charter a supertanker for Iraqi crude oil. This reflects a limited vessel pool and soaring voyage costs in the Gulf. Shipping traffic through the Strait of Hormuz remains below average levels. Iraq offers steep discounts on its crude to attract buyers. Several refiners seek vessels despite increased navigation risks.