US-Iran war: HPCL struggles to secure tankers to transport oil from the Strait of Hormuz | Here's what the chairman said
Hindustan Petroleum Corporation (HPCL) said it was facing difficulties arranging tankers to transport crude oil through the Strait of Hormuz, highlighting the shipping challenges faced by the Indian refiner despite Iran's decision to ease transit restrictions for vessels from four countries, including India and China.
This comes as more vessels are crossing the Strait of Hormuz and crude oil supplies from the region are increasing, Bloomberg reported. In an interview in Abu Dhabi this week, HPCL Chairman Vikas Kaushal said that limited freighter availability and last-minute voyage cancellations were making it difficult for the company to transport oil from the Persian Gulf. He added that HPCL's success in arranging transit through the strategic waterway had been mixed, although supplies could still be collected from outside the chokepoint.
Kaushal said, "The main challenge has been hiring of ships. Even if we have crude available for purchase from the Persian Gulf, sometimes finding vessels for the available loading dates is a challenge." He added, "Sometimes the ship is contracted, and then at the last minute the shipowner says I can’t do it.”
The challenges come as oil flows from the Middle East have increased in recent months, returning to prewar levels, with more vessels crossing the narrow waterway despite Iran stepping up maritime attacks. However, a severe shortage of tankers has pushed up the cost of transporting crude worldwide. The situation is particularly challenging in the Strait of Hormuz, where only a limited number of shipowners are willing to send their vessels through the waterway.
Citing data from Kpler, Bloomberg reported that the Mumbai-based refiner purchased approximately 240,000 barrels of Middle Eastern oil per day in 2025. This figure fell to 57,000 barrels per day in April, when a joint US-Israeli operation against Iran led to the closure of the Strait of Hormuz. Before the conflict, the waterway handled about one-fifth of the world's oil supplies. However, HPCL's purchases rebounded to an average of 256,000 barrels per day last month as more supplies from the region became available.
Previously, HPCL sourced most of its crude oil from within the Gulf region. However, it has increasingly turned to the spot market and is now arranging for deliveries directly to its refineries, according to Kaushal.
Iran has announced exemptions from Strait of Hormuz transit restrictions for vessels from four countries: India, China, Iraq and Qatar.
In an interview on Tuesday, Amir Hayat Moqaddam, Deputy Chairman of the Iranian Parliament’s National Security and Foreign Policy Committee, told the Iranian Students’ News Agency (ISNA), "We have currently exempted four countries – India, China, Iraq and Qatar – from transit restrictions in the Strait of Hormuz. Ships from these countries pass freely, and the Americans do not intercept them either."
He added that the exemptions were granted based on specific considerations and mutual interests.
The shipping challenges for HPCL come amid renewed fears of an escalation in the conflict. US President Donald Trump has kept the possibility of fresh military action against Tehran open, while Iran has warned that any further US attacks would trigger a forceful response. Iran's Supreme Leader Mojtaba Khamenei said that any threat against the country would be met with an immediate and wide-ranging response.
(With agency inputs)
Swati Gandhi is a digital journalist with over four years of experience, specialising in international and geopolitical issues. Her work focuses on foreign policy, global power shifts, and the political and economic forces shaping international relations, with a particular emphasis on how global developments affect India. She approaches journalism with a strong belief in context-driven reporting, aiming to break down complex global events into clear, accessible narratives for a wide readership.<br><br> Previously, Swati has worked at Business Standard, where she covered a range of beats including national affairs, politics, and business. This diverse newsroom experience helped her build a strong grounding in reporting, while also strengthening her ability to work across both breaking news and in-depth explanatory stories. Covering multiple beats early in her career has helped her be informed about her current work, allowing her to connect domestic developments with wider international trends.<br><br> At Live Mint, she focuses on international and geopolitical issues through a business and economic lens, examining how global political developments, foreign policy decisions, and power shifts impact markets, industries, and India’s strategic and economic interests.<br><br> She holds a Bachelor’s degree in English (Honours) from the University of Delhi and a Master’s degree in Journalism and Mass Communication from Guru Gobind Singh Indraprastha University. Her academic training has shaped her emphasis on precision, analytical rigour, and clarity in writing. Her interests include global political economy and the intersection of geopolitics with business.<br><br> Outside work, Swati focuses on exploring her passion and love for food. From fancy cafes to street spots, Swati explores food like a true foodie.
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