Company updateMoneycontrol
Indian Oil plans to buy ships as crude freight costs hit $10 a barrel amid Iran-US tensions
Positive+2
GreyOak summary
Indian Oil Corporation plans to acquire crude and LPG carriers to strengthen its energy supply chain amid rising freight costs and geopolitical tensions near the Strait of Hormuz. IOC currently holds vessels on time charter, saving costs compared to spot rates of up to $10 per barrel for crude. The company reported a net profit of Rs 21,630 crore in the September quarter.
What it affects
- Indian Oil CorporationIOCPositive +2
Plans to buy ships to control supply chain.Rolling sentiment Positive +30
Source
Read the original at MoneycontrolMore Indian Oil Corporation news
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