Lates News

According to foreign media reports, Iraq is preparing to charter additional oil tankers, with at least two tankers expected to be in place within the next few days. The country is seeking to strengthen its control over the transportation of its oil through the fiercely contested Strait of Hormuz. Iraq's state-owned Iraq Oil Tankers Company is expected to charter at least one very large crude carrier and one smaller Suezmax tanker in the coming days, and also plans to reissue a tender to charter more tankers. This move marks a shift in Iraq's plans. Iraq has been particularly hard hit by the Middle East conflict, as it does not own any tankers itself and has been forced to sell crude at steep discounts to attract customers to take on the risk of sending vessels deep into the Gulf to load crude. People familiar with the matter revealed that Iraqi domestic companies had previously purchased at least two supertankers, one of which cost about $200 million in a deal last month. Relevant data shows that this price would set a record high for such vessels. People familiar with the matter said the tankers chartered by Iraq will have charter periods lasting until the end of this year.