Shipping
Reliance pays record $23-25 million to charter supertanker for Iraqi crude
India's Reliance Industries paid a record $23 million to $25 million to charter a supertanker to lift 2 million barrels of Iraqi crude at 1200 World Scale, 12 times the benchmark freight rate. The vessel will be supplied by South Korea's Sinokor. Despite the record freight costs, Reliance is expected to save millions due to steep discounts offered by Iraq's state oil marketer SOMO, with crude priced at $25 to $30 per barrel below Dubai benchmarks.
