Cost of sending diesel from India to Europe rises as Houthi attack affects international trade

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Image Source: Twitter

New delhi date. 20 February 2024, Tuesday

Diesel shipments from India to Europe this month fell to the lowest since 2022. Houthi attacks on merchant shipping continue to affect international trade. Amid the turmoil in the Red Sea, it has become better to ship cargo east rather than west. Due to this, the flow of cargo to the European Union and Britain has decreased significantly.

Fuel arrivals from Europe to India averaged 18,000 barrels per day in the first two weeks of February, down more than 90% from the January average, according to Vortex Ltd data compiled by Bloomberg. Sparta Commodities analyst James Noel-Beswick said the main reason for the decline in diesel shipments is the increase in shipping costs to the West.

Noel-Beswick said the economics of exporting to Singapore in the East have been very good compared to countries in the West. Tankers bound for Europe or the Atlantic basin have to cross South Africa's Cape of Good Hope to avoid the Houthi threat, adding to the length and cost of the journey. Due to this reason, the number of shipments has decreased.

According to the figures, there were no imports of diesel-type fuel into the European Union in the first two weeks of February, and only one shipment to Britain. However, the Marlin Sicily and Marlin La Plata recently loaded barrels in India and proceeded to Rotterdam, according to port reports and tanker-tracking data compiled by Bloomberg.

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