Reliance Industries pays record $25 million to charter a supertanker for Iraqi crude amid

India's Reliance Industries has paid around $25 million to charter a supertanker to lift two million barrels of Iraqi crude from the Persian Gulf, a freight rate traders describe as the highest the Indian refiner has ever paid for a single voyage.

Reuters reported the fixture on August 7. The deal was fixed at roughly 1,200 Worldscale points. That puts the daily equivalent above $410,000. Before the Hormuz crisis, the same size of supertanker would have earned below $100,000 a day for a Gulf voyage.

The math behind the premium is direct. Most tanker owners are keeping their fleets away from the Strait of Hormuz or routing around it entirely. Iraqi crude from Basra must pass through the Strait to reach open water. A handful of supertankers will still make that transit. They can charge almost anything.

Reliance paid.

MarineRadar data shows the name RELIANCE accumulating around 30 tracking devices this week, with queries linked to Indian-origin search terms rising in the same period.

Reliance has been a consistent buyer of Iraqi crude in large volumes. This fixture appears aimed at maintaining that supply line despite the Hormuz disruption. The $25 million total, if confirmed, would rank among the highest single-voyage supertanker fixtures on record.

Freight costs for Middle Eastern crude are expected to stay elevated until the Hormuz situation eases or more owners decide the risk premium is worth taking.