Indian Oil Corp (IOC) received no bids in a tender to charter vessels for lifting crude oil and liquefied petroleum gas (LPG) cargoes from ports within the Strait of Hormuz, according to trade sources.
The complete lack of interest from shipowners underscores the severe operational paralysis gripping maritime logistics in the region, as carriers refuse to engage with routes perceived as high-risk amid ongoing geopolitical friction.
This development serves as a tangible indicator of the supply-side constraints currently weighing on global energy markets.
With the Strait of Hormuz handling a significant portion of the world's seaborne oil trade, the inability of major refiners like IOC to secure transport capacity suggests that insurance costs, security concerns, or outright route avoidance are making commercial operations unviable.
The boycott by shipowners effectively bottlenecks the flow of Gulf cargoes, regardless of production levels upstream.
The failed tender aligns with broader market narratives regarding the persistence of tensions in the Persian Gulf.