Indian Oil Corporation (IOC) has not received any bids for tenders issued to hire ships for transporting crude oil and liquefied petroleum gas (LPG) from Gulf ports, according to an Economic Times report citing two trade sources.
The state-run refiner had floated three tenders last week for a very large crude carrier (VLCC), a Suezmax tanker and a very large gas carrier (VLGC). The vessels were required for cargoes scheduled to load from ports in the Gulf region over the coming days.
The lack of participation comes as shipowners remain cautious about taking vessels through the Strait of Hormuz.
A ship broker familiar with the market said many owners were waiting for more clarity before committing ships to voyages linked to the route.
According to the reports, operators are currently assessing conditions and are reluctant to fix vessels until there is a clearer picture.
One of the tenders was for a VLGC to load about 45,000 metric tonnes of LPG between June 30 and July 4.
The cargo was to be lifted from either Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait or Ruwais in the United Arab Emirates. LPG imported from the Gulf is mainly used in India as household cooking fuel.
IOC was also seeking a VLCC to load crude oil from Mina Al Ahmadi between June 28 and 29.
In a separate tender, the company looked for a Suezmax tanker to load crude from Saudi Arabia’s Ras Al Khafji port between June 29 and 30. The cargoes were intended for delivery to ports on India’s west coast.
Indian state-owned refiners generally purchase crude oil and LPG from Middle Eastern producers on a free-on-board basis, under which buyers arrange transportation.
A VLCC can carry around 2 million barrels of crude oil, while a Suezmax tanker carries about 1 million barrels. A VLGC has the capacity to transport roughly 45,000 metric tonnes of LPG.
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As of June 23, 2026, 3:30 pm, Indian Oil Corporation Ltd (IOC) share price was trading at ₹143.30, down 0.75% from the previous closing price
The tenders closed without attracting offers from shipowners. As a result, vessel arrangements for the planned crude oil and LPG cargoes have yet to be finalised.
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Published on: Jun 23, 2026, 4:38 PM IST
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