PetroChina
and Indian Oil Corp failed to secure very
large crude carriers to lift Iraqi Basrah crude in late June,
company and shipping sources said on Thursday, while another
Chinese major Sinochem is on the hunt for a tanker.
The enquiries from the Chinese state energy firms this week
follow an interim deal between the United States and Iran to end
their war and reopen the Strait of Hormuz, a vital waterway for
Middle East energy supplies.
PetroChina had sought a VLCC to load from Iraq’s Basrah Oil
terminal between June 25 and 30, two shipping sources said. Each
VLCC can carry 2 million barrels of oil.
The Chinese major received at least six offers at worldscale
points of 650 to 750, they said, representing rates nearly
triple those charged before the US and Israel launched the war
in late February. The worldscale measure is used by the shipping
industry to calculate freight rates.
“There are tankers available, but the problem is it’s too
expensive and there is no guarantee you can exit the strait,” a
PetroChina official said.
One of the shipping sources told Reuters that securing
supplies from the Gulf would likely remain complicated despite
the peace deal.
“It’ll be still difficult to fix a vessel due to the rate,
and I assume that both parties need to agree to some special
clause (in the contract for transiting the strait),” the source
said.
On Thursday, Sinochem sought a VLCC to load oil in the Gulf
between June 20 and 30 for Asia, the shipping sources said. It
was not immediately clear if the company would succeed in
finding a vessel.
PetroChina and Sinochem did not immediately respond to
Reuters’ requests for comment.
IOC, meanwhile, did not receive any offers in a tender last
week seeking a VLCC to lift oil from Iraq on June 22 and 23 and
deliver to Paradip port on India’s east coast, a source familiar
with the matter said.
IOC, India’s largest refiner, subsequently issued a force
majeure on the cargo, the source added.
IOC did not immediately respond to a request for comment.
Published on June 18, 2026
