Iraq is seeking to hire two or more oil supertankers for operations through the Strait of Hormuz, highlighting regional producers’ attempts to take more control over their oil exports. The Iraqi Oil Tankers Co. has issued a tender for a 180-day rental of at least two very large crude carriers. The tender closes Thursday, and this move is part of a broader push among Middle Eastern oil producers to secure tanker availability for transporting crude and refined fuel through this critical chokepoint.
The current shipping market is particularly lucrative for tanker owners, with prices higher than ever, encouraging Iraqi owners to acquire supertankers, some at record-breaking prices. Kuwait is also actively pursuing tanker acquisitions, indicating a regional trend where oil producers are prioritizing fleet ownership. This strategy is crucial amid geopolitical tensions influencing global energy security, as having their own fleet provides greater flexibility and resilience in shipping operations.
The need for robust shipping capabilities has been underscored by recent conflicts, prompting oil producers to consider ship-to-ship transfers post-Hormuz passage. In the midst of escalating oil demand and limited tanker availability, capturing ownership of tankers enables producers like Iraq, Kuwait, and others to enhance logistical control and mitigate risks associated with unexpected disruptions. The focus on building fleet capacities reflects a strategic shift to bolster reliability in oil exports, as acknowledged by industry leaders at recent conferences.
