INDIAN oil refineries, the world's third-largest importer of crude, seek to boost Middle East supplies as recent Houthi missile attacks delay imports and add cost, reports Bloomberg.
Vessels carrying cargoes from the producers in the Mediterranean and North Sea are among those affected, as they transit Suez and Red Sea en route to Asia.
Shipping companies are asking Indian firms to bear the risk premiums for deliveries via the usual route. The refiners are not willing to bear the additional liability and are scouting for alternative suppliers, they said.
Indian refiners are concerned their margins may come under pressure due to a sharp rise in insurance and freight costs. However, they also need to keep pace with domestic demand, which is rising because of the South Asian nation's rapid economic growth.
SeaNews Turkey
Vessels carrying cargoes from the producers in the Mediterranean and North Sea are among those affected, as they transit Suez and Red Sea en route to Asia.
Shipping companies are asking Indian firms to bear the risk premiums for deliveries via the usual route. The refiners are not willing to bear the additional liability and are scouting for alternative suppliers, they said.
Indian refiners are concerned their margins may come under pressure due to a sharp rise in insurance and freight costs. However, they also need to keep pace with domestic demand, which is rising because of the South Asian nation's rapid economic growth.
SeaNews Turkey
