Two Indian refiners Indian Oil Corporation Ltd (IOCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have ceased crude oil loadings from Iraq amid the growing disruptions in the Strait of Hormuz, making it extremely challenging to ensure vessel safety, Bloomberg reported quoting unnamed sources.
IOCL has dropped the plan to load a vessel named Lila Jamnagar concluding that crossing Hormuz was too unsafe for a fully loaded ship as several cargo vessels were hit by missiles or gunfire recently, an unnamed source stated.
Alongside, MRPL, has put a hold on the lifting from Iraq due to the escalating safety threats.
Additionally, the shipping ministry has told shipowners and hiring agencies not to send Indian sailors through Hormuz until further notice because of growing safety risks.
This development underlines the dramatic drop in Strait of Hormuz maritime transit occurred after Iran attacked multiple oil vessels to dominate over the vital waterway.
Commenting on the current situation, Iraq’s oil ministry spokesman Salim Al-Rikabi said, “The situation in the Strait of Hormuz and the escalating conflict in the region” have increased transit risks and insurance costs, he added, “As a result, some companies have canceled scheduled loading operations.”
