IOC to purchase its own crude and LPG carriers amid shipping disruptions

Indian Oil Corp (IOC) announced it will buy its own crude oil and LPG carriers as shipping disruptions near the Strait of Hormuz and soaring freight costs threaten supply. The board approved the purchase of a few vessels and tenders were issued months ago, Finance Director <b>Anuj Jain</b> said on the Q2 earnings call. IOC currently charters three crude and nine LPG ships, paying about <b>$2‑2.50</b> per barrel versus spot $8‑10, while LPG rates rose to <b>$160‑180</b> per tonne from $40. The strategy aims to reduce charter dependence, explore domestic shipbuilding under Make‑in‑India and protect a supply chain that sourced 55% of crude from Russia and 24% from the Middle East.