Indian Diesel Floods Asian Markets Amid Red Sea Houthi Attacks
NDTV
Arrivals of fuel from India into Europe averaged just 18,000 barrels a day in the first two weeks of February, a plunge of more than 90% compared with January's average.
Shipments of diesel from India into Europe are at the lowest since 2022 so far this month as Houthi attacks on merchant shipping continue to disrupt international trade, driving more cargoes to Asia.
Flows to the European Union and UK plunged as higher freight costs stoked by the ongoing turmoil in the Red Sea, as well as unplanned refinery maintenance in Asia, made trade economics better for sending cargoes east rather than west.
Arrivals of fuel from India into Europe averaged just 18,000 barrels a day in the first two weeks of February, a plunge of more than 90% compared with January's average, according to data from Vortexa Ltd., compiled by Bloomberg. The drop partly stemmed from the higher costs of shipping to the west last month, according to James Noel-Beswick, an analyst at Sparta Commodities.
