Indian Oil seeks short-term charter for domestic oil shipments

25 March 2011 04:04  [Source: ICIS news]

SINGAPORE (ICIS)--Indian Oil is seeking a short-term time charter, commencing in April, to ship clean and dirty petroleum products along the Indian coast, an Indian shipbroker said on Friday.

Under the requirements of the time charter, Indian Oil is seeking a 6,000–10,000 deadweight tonne (dwt) petroleum tanker for the shipment of fuel, heavy and black oils, the shipbroker said.

Delivery and re-delivery of the vessel will be at ports along the east coast of India, added the shipbroker.

The daily hire-rate for this requirement is estimated at $5,500/day (€3,905/day), according to a petroleum tanker operator based in Singapore.

Time charter is the hire of a vessel for a specified period of time whereby the charterer of the vessel pays for the bunker fuel and port charges, in addition to the daily hire rate of the vessel.

($1 = €0.71)

By: Lester Teo

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