Indian refiners seek VLGCs for long-term hire

State-owned Indian refiners are looking to long-term charter very large gas carriers (VLGCs) to take advantage of lower rates.

IndianOil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) are expected to hire up to three VLGCs to import LPG from the Middle East, according to brokers.

They say IOC and HPCL currently have 14 LPG carriers on long-term contracts. Nine are VLGCs and the others midsize units.

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