Iraq will lease at least two more oil tankers to strengthen control over oil transportation
智通财经2026/10/05 14:56According to foreign media reports, Iraq is preparing to charter additional oil tankers, with at least two tankers set to be in place in the coming days. The country is seeking to strengthen its control over the transportation of its oil through the highly contested Strait of Hormuz. The state-owned Iraqi Oil Tanker Company is expected to charter at least one Very Large Crude Carrier (VLCC) and one smaller Suezmax tanker in the near future, and is also planning to reissue tenders to charter more tankers. This move marks a shift in Iraq’s strategy. Iraq has been especially affected by Middle East conflicts as the country previously had no oil tankers of its own and has had to sell crude at a steep discount to attract customers willing to take on the risks of sending ships deep into the Gulf to load oil. Sources revealed that domestic Iraqi companies have already purchased at least two supertankers, one of which cost around $200 million in a transaction last month. Data shows this price would set a historical record for such vessels. According to sources, the lease term for Iraq's chartered tankers will last through the end of this year.
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