Red Sea worries cause spike in refined fuel prices, but the market will adjust
10 months, 3 weeks ago

Red Sea worries cause spike in refined fuel prices, but the market will adjust

The Hindu  

The main impact from the escalating tensions in West Asia and the threat to ships transiting the Red Sea isn't on crude oil prices — refined fuels that are most at risk. The missile attack on the product tanker Marlin Luanda on Jan. 26 by Yemen's Iran-aligned Houthi group underscored the risks to shipments of refined products between the major trading regions of Asia and Europe. This is likely to see more U.S. diesel head to Europe, while refined fuels from West Asia will likely head to Asia and the Americas at the expense of Europe. If tankers avoid the Red Sea for an extended period it's likely there will be higher prices for refined fuels in Asia and Europe.

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History of this topic

Crippled oil tanker in Red Sea raises fears of environmental catastrophe
3 months, 3 weeks ago

Crippled oil tanker in Red Sea raises fears of environmental catastrophe

LA Times  

This frame grab from video released by the media arm of Yemen’s Houthi rebels on Thursday shows explosions on the Greek-flagged oil tanker Sounion in the Red Sea after Houthis boarded it and set off the blasts. The Houthis said they attacked the Sounion tanker as part of their 10-month campaign to support Palestinians in the Gaza war by targeting …

Red Sea crisis: The shipping industry is sounding the alarm as another vessel sinks
6 months ago

Red Sea crisis: The shipping industry is sounding the alarm as another vessel sinks

CNN  

London CNN — Leading shipping groups have urged governments “with influence” to put a stop to Houthi attacks on vessels in the Red Sea after a second freighter sank this week. Shipping costs keep rising Beyond the loss of life, the Houthi attacks have also caused severe disruption to transit through the Red Sea, which connects with the Suez Canal, …

Conflict in the Middle East is affecting a key energy lifeline for Europe. How big is the risk?
10 months, 2 weeks ago

Conflict in the Middle East is affecting a key energy lifeline for Europe. How big is the risk?

Associated Press  

FRANKFURT, Germany — Missiles and drones are flying in the Red Sea, disrupting one of the world’s key trade arteries and a chokepoint for energy shipments headed for Europe. Here are key things to know about the threat to Europe’s energy supplies from conflict in the Middle East: WHAT IS GOING ON WITH RED SEA SHIPPING? That means “an extended …

Red Sea crisis | Costs up, but no adverse impact on India's trade so far, says official
10 months, 2 weeks ago

Red Sea crisis | Costs up, but no adverse impact on India's trade so far, says official

The Hindu  

There is no adverse impact on India's exports and imports so far due to the Red Sea crisis, an official said. Due to the attacks by Yemen-based Houthi rebels on commercial ships, the movement of goods from the Red Sea, the world's busiest shipping route, has disrupted the global supply chains as vessels have to take long routes for exports …

Energy traders, shippers grapple with Red Sea fallout as oil-freight costs swell
10 months, 3 weeks ago

Energy traders, shippers grapple with Red Sea fallout as oil-freight costs swell

The Hindu  

To avoid the Red Sea, the supertanker Grand Bonanza set out early in January on a roughly 40-day journey carrying 1.8 million barrels of Abu Dhabi crude for TotalEnergies from the United Arab Emirates all the way around Africa to France. U.S. refiners benefit as they can send fuel products to Europe to replace supply from West Asia, said Mukesh …

How escalating Red Sea crisis poses billions of dollars of risk for India
10 months, 3 weeks ago

How escalating Red Sea crisis poses billions of dollars of risk for India

Al Jazeera  

Houthi attacks on the Red Sea have forced shippers to avoid one of the world’s most crucial trade routes. Exporting Basmati from India has become a challenge for shippers as freight costs have shot up as high as five times with an increase in insurance premiums, shortage of containers and longer transit time, said, Vijay Kumar Setia, director of Chaman …

Red Sea shipping crisis: India on track to export record-low sulphur diesel to Europe in January
10 months, 3 weeks ago

Red Sea shipping crisis: India on track to export record-low sulphur diesel to Europe in January

Firstpost  

As Red Sea security risks drive up freight costs, India’s exports of low-sulphur diesel to Europe are poised to hit a fresh two-year low in January, after an unprecedented high last month, trade sources and analysts told Reuters. Cargoes loading from India typically sail to Europe via the Bab-el-Mandeb strait, a route that has become fraught since Houthi attacks on …

India on track to export record-low diesel to Europe in January as Red Sea risks drive up freight costs
10 months, 3 weeks ago

India on track to export record-low diesel to Europe in January as Red Sea risks drive up freight costs

The Hindu  

India's exports of low-sulphur diesel to Europe are poised to hit a two-year low in January, after an unprecedented high last month, as Red Sea security risks drive up freight costs, trade sources and analysts say. Persistently high freight costs would be likely to prompt sellers of India-origin cargoes to look for buyers in Asia, which would tighten supplies into …

Factories grind to a halt as Red Sea attacks create trade bottlenecks
10 months, 3 weeks ago

Factories grind to a halt as Red Sea attacks create trade bottlenecks

The Hindu  

Car factories have idled in Belgium and Germany. Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia’s invasion of Ukraine. Attacks in the Red Sea by the Houthis may hit India’s oil trade | Data Houthi rebels in Yemen, seeking to stop Israel’s offensive against …

Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
10 months, 3 weeks ago

Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy

Associated Press  

WASHINGTON — Car factories have idled in Belgium and Germany. “What’s happened right now is short-term chaos, and chaos leads to increased costs,” said Ryan Petersen, CEO of the supply chain management company Flexport. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on.” Roughly 20% of the clothes and shoes imported …

Red Sea crisis to hit agri commodities, marine foods: Crisil
10 months, 4 weeks ago

Red Sea crisis to hit agri commodities, marine foods: Crisil

Live Mint  

The impact of the ongoing crisis around the Red Sea region in West Asia will vary depending on the industry, sector-specific and trade nuances, rating agency Crisil said in a report on Thursday. While sectors such as agricultural commodities and marine foods could see a significant impact due to the perishable nature of their goods and lean margin profiles, sectors …

Red Sea Crisis: Agri commodities, Marine food export see maximum impact-CRISIL
10 months, 4 weeks ago

Red Sea Crisis: Agri commodities, Marine food export see maximum impact-CRISIL

Live Mint  

Red sea Crisis is posing challenges for many sectors and any aggravation of the crisis is looked as potential threat for the equity markets too as can stroke inflation. Also these regions accounted for 50% of India’s exports worth ₹18 lakh crore and 30% of imports worth ₹17 lakh crore last fiscal suggests CRISIL data. Differential impact across sectors- As …

Red Sea: Why is it important to trade and could crisis increase prices?
11 months ago

Red Sea: Why is it important to trade and could crisis increase prices?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK and allies have …

Oil supply tightens in Europe over Red Sea disruptions
11 months ago

Oil supply tightens in Europe over Red Sea disruptions

Al Jazeera  

The volume going to Europe from the Middle East has nearly halved amid continuing attacks by Yemen’s Houthi rebels. The structure of the global benchmark Brent crude futures market and some physical markets in Europe and Africa have been reflecting tighter supply partly over concerns about shipping delays as vessels avoid the Red Sea due to missile and drone attacks. …

Red Sea crisis will lead to oil price hike in India: World Economic Forum chief
11 months, 1 week ago

Red Sea crisis will lead to oil price hike in India: World Economic Forum chief

India Today  

The ongoing tensions in the Red Sea due to recurrent attacks on merchant ships by Yemen's Houthi rebels have a negative impact on the global supply chain and would lead to a $10-20 increase in oil prices for oil-importing countries like India, which could have negative effects on its economy, World Economic Forum president Borge Brende said. We also know …

Red Sea chaos risks ‘brutal’ price rises
11 months, 1 week ago

Red Sea chaos risks ‘brutal’ price rises

The Telegraph  

The current volume is 66pc below the levels expected for this time of year. Vessels coming from Asia are instead sailing around South Africa and the Cape of Good Hope, a detour that takes seven to 20 days longer. Tesco’s Murphy said on Thursday: “If they do have to go the whole way around Africa to get to Europe, it …

Shipping giant Maersk to avoid Red Sea routes for ‘foreseeable future’
11 months, 2 weeks ago

Shipping giant Maersk to avoid Red Sea routes for ‘foreseeable future’

Al Jazeera  

Due to ‘volatile’ situation amid Houthi attacks, ships will go around Africa, increasing journey times and shipping costs. Container shipping giant Maersk has announced it will divert all vessels around Africa instead of using the Red Sea and the Suez Canal for the “foreseeable future”. Maersk said on Friday that the decision was due to the volatile situation in the …

Rice trade said to be affected by Red Sea crisis, says minister Goyal
11 months, 3 weeks ago

Rice trade said to be affected by Red Sea crisis, says minister Goyal

Live Mint  

New Delhi: The crisis in the Red Sea is said to have impacted rice trade, but clarity will emerge only next month, Union commerce minister Piyush Goyal has said. India has plans to export 500,000 tonne of new season basmati rice to Europe and the Middle East with contracts already signed. Mint on 24 December reported that basmati rice export …

Oil jumps over 2% to hit 1-month high on Red Sea attacks, US rate cut hopes
11 months, 3 weeks ago

Oil jumps over 2% to hit 1-month high on Red Sea attacks, US rate cut hopes

Live Mint  

Oil jumped over two per cent on Tuesday, December 26, to the highest in almost a month, supported by Middle East strife and investor optimism that the US Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand. Back home, on the Multi Commodity Exchange, crude oil futures due for a January 19 expiry, was …

How Red Sea attacks could affect the seaborne transport of oil, gas cargoes
1 year ago

How Red Sea attacks could affect the seaborne transport of oil, gas cargoes

The Hindu  

Several shipping companies and a few liquefied natural gas tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea. As much as 8.2 million barrels per day of crude oil and oil products traversed the Red Sea over January-November, as per …

Oil rally pauses as Red Sea shipping risks plague global trade
1 year ago

Oil rally pauses as Red Sea shipping risks plague global trade

Hindustan Times  

Oil was little changed after two days of gains, as traders and shippers braced for the prospect of more disruption in the Red Sea. The escalated geopolitical risks have introduced a premium to an oil market plagued by skepticism about OPEC adhering to production cuts and concerns of increased supply from outside the cartel, especially from the US. Read | …

Houthi attacks on commercial ships have upended global trade in vital Red Sea corridor
1 year ago

Houthi attacks on commercial ships have upended global trade in vital Red Sea corridor

Associated Press  

LONDON — The attacks on commercial vessels in the Red Sea by Yemen’s Houthi rebels have scared off some of the world’s top shipping companies and oil giants, effectively rerouting global trade away from a crucial artery for consumer goods and energy supplies that is expected to trigger delays and rising prices. He noted that 40% of Asia-Europe trade normally …

Will oil prices rise after Red Sea shipping curbs amid Houthi attacks?
1 year ago

Will oil prices rise after Red Sea shipping curbs amid Houthi attacks?

Al Jazeera  

Hijackings, missile strikes and drone assaults on ships by Yemen’s Houthi rebels have forced AP Moller-Maersk, a Danish shipping and logistics giant, and Hapag-Lloyd, a German shipping and container transportation company, to pause shipments through the Red Sea. Maersk said in a statement that its decision stemmed from the company’s concerns about the “highly escalated security situation in the southern …

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