Iraq plans to charter additional oil tankers, with at least two expected to be
in place within days, to strengthen control of shipments through the contested
Strait of Hormuz. State-owned Iraq Tankers Company intends to hire at least one
VLCC and one Suezmax and will reissue tenders to lease more vessels. The move
marks a policy shift: Iraq currently has no national fleet and has sold crude at
deep discounts to entice buyers willing to send ships into the Gulf. Domestic
firms have already bought at least two VLCCs, one reportedly for about $200m
last month — a record price for vessels of that class. Leases are expected to
run through year-end.
