September 26, 2026: State-run oil refiner Indian Oil Corporation Ltd (IOCL) is paying $47.75 million or ₹4.58 billion (at current exchange rates) for hiring a very large crude carrier (VLCC) named ‘Zourva’ to ship crude oil from East Coast Mexico to Paradip, setting a new freight record for Indian-bound shipments as the blockade in the Strait of Hormuz sends tanker rates to astronomical levels.

Zourva is a 12-year-old, Maltese-flagged VLCC owned by Athens, Greece-based Minerva Marine Inc.

“Indian Oil Corporation fixed the VLCC Zourva on Wednesday… $47.75 million for a single voyage is a mind-boggling rate,” said a shipping industry executive.

The US-Israel war on Iran has disrupted the Strait of Hormuz, through which some 20 per cent of the world’s daily crude oil and liquefied natural gas are shipped.

(Source: Economic Times)