Indian Oil to buy own tankers as Hormuz disruptions raise freight costs

Indian Oil Corporation will acquire its own crude oil and LPG carriers after its board approved vessel purchases, as Strait of Hormuz disruptions drive up freight and war-risk insurance costs. The refiner currently time-charters three crude and nine LPG vessels, and is also exploring domestic shipbuilding. IOC sourced 55% of its crude from Russia in the first half of the fiscal year.