US-Iran war: HPCL struggles to secure tankers to transport oil from the Strait of Hormuz | Here's what the chairman said
Mint · Swati Gandhi ·
Hindustan Petroleum Corp is facing difficulties securing tankers to transport crude oil. Limited vessel availability and last-minute cancellations continue to disrupt shipping arrangements amid rising oil flows from the region.
Hindustan Petroleum Corporation (HPCL) said it was facing difficulties arranging tankers to transport crude oil through the Strait of Hormuz, highlighting the shipping challenges faced by the Indian refiner despite Iran's decision to ease transit restrictions for vessels from four countries, including India and China.
This comes as more vessels are crossing the Strait of Hormuz and crude oil supplies from the region are increasing, Bloomberg reported. In an interview in Abu Dhabi this week, HPCL Chairman Vikas Kaushal said that limited freighter availability and last-minute voyage cancellations were making it difficult for the company to transport oil from the Persian Gulf. He added that HPCL's success in arranging transit through the strategic waterway had been mixed, although supplies could still be collected from outside the chokepoint.
Kaushal said, "The main challenge has been hiring of ships. Even if we have crude available for purchase from the Persian Gulf, sometimes finding vessels for the available loading dates is a challenge." He added, "Sometimes the ship is contracted, and then at the last minute the shipowner says I can’t do it.”