PetroChina couldn't find a tanker.
Neither could Indian Oil.
Here's what actually happened this week:
PetroChina tried to hire a Very Large Crude Carrier a ship that holds 2 million barrels to load Iraqi crude between June 25-30.
Got 6 offers.
All at freight rates nearly triple pre war levels.
Still couldn't close a deal.
Why?
In PetroChina's own words:
"There are tankers available, but the problem is it's too expensive and there is no guarantee you can exit the strait."
Indian Oil ran a tender for the same period.
Received zero offers.
Sinochem is still hunting.
PetroChina, Indian Oil, and Sinochem are 3 of the largest state oil companies on earth.
If they can't get tankers through Hormuz at any reasonable price, nobody can.
This is the gap between the headline and the reality.
Financial markets priced the peace deal.
Shipping markets priced the risk.
Freight rates 3x pre-war.
Insurance clauses requiring special Hormuz guarantees. No assurance a loaded 2-million-barrel ship can exit safely.
