Indian tanker tenders "not workable"

Indian shipowners say term tenders for tankers from two refiners will not benefit them.

IOC has launched a global search for a VLCC to be chartered over five years, with first refusal for Indian shipping companies, while Bharat Petroleum wants a suezmax for the same period, with bidding only open to domestic owners.

But the Hindu Business Line daily cited unnamed Indian shipowners as saying the deals are “not workable” and “will not achieve the purpose for which the policy was designed after discussions spread over three years”.