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Indian LPG Tankers Navigate Strait of Hormuz Following Iranian Approval: Reports

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Indian LPG Vessels Cross Strait of Hormuz After Iran's Nod, Easing Supply Concerns

The Strait of Hormuz is the single most important oil ‘artery’ in the world for oil flow.

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Moneycontrol•23-03-2026, 10:40

Indian LPG Vessels Cross Strait of Hormuz After Iran's Nod, Easing Supply Concerns

•Two Indian LPG carriers, Jag Vasant and Pine Gas, transited the Strait of Hormuz after receiving clearance from Iran's IRGC.
•The vessels were stranded in the Persian Gulf due to intense crossfire between Iran and Israel, disrupting maritime traffic.
•Clearance came after backchannel coordination, despite simmering regional tensions and IRGC's internal uncertainties.
•Safe passage signals hope for other stranded vessels; India ramps up domestic production to cushion supply disruptions.
•The Strait of Hormuz is a critical global oil artery; US President Trump issued an ultimatum to Iran to open the strait.

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Tanker Rates Surge | Very large crude carriers or VLCC saw rates surge even after an already sharp increase in the first two months of the year so far. As per the Baltic exchange, the time charter equivalent, the essential daily revenue for VLCCs surged to $1,77,469 last week from $37,869 at the start of the year. “Even without significant further disruptions in the Strait, precautionary restocking and redirection can raise already elevated freight rates further,” Goldman Sachs wrote in a note to clients on Sunday.

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