Key Points
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 Januarys average, according to data from Vortexa Ltd., compiled by Bloomberg..
Elsewhere, arrivals of diesel-type fuel from India to Asian destinations including some cargoes into Saudi Arabia and Bangladesh surged in the first two weeks of the month..
Better arbitrage economics should mean an increase in exports of diesel from India to the European region in the coming weeks, Noel-Beswick said.. (You can now subscribe to our Economic Times WhatsApp channel).
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