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European Diesel and Jet Fuel Cargoes Diverted from Red Sea: Reuters

OIL PRODUCTS

At least four tankers shipping diesel and jet fuel from the Middle East and India to Europe are diverting around the Cape of Good Hope, according to Reuters.

  • The diverted vessels loaded their cargoes from Bahrain, Kuwait, Saudi Arabia, and India. They are chartered by Sinopec, KPC, Aramco, and Reliance, according to Kpler.
  • The diversion can add up to three weeks onto the voyage, increasing freight costs and creating the potential for supply disruptions.
  • Around 90% of the 14.3m bbl per month of jet fuel imported into Europe from outside the continent in 2023 arrived from east of Suez, according to Kpler.
  • For the diesel market, this figure is around 58% of the average monthly imports of 24.4m barrels.
  • Meanwhile, The US military is trying to reassure shipping companies that the task force to protect the Red Sea route is ensuring safe transit despite the threat of Houthi attacks.
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