The war in the Middle East has nearly halted oil shipments from the Persian Gulf, prompting refined product buyers to look elsewhere, and has brought West Coast India into focus, said a report by Platts, part of S&P Global Energy. Several distillate cargoes were covered for loading from Sikka port on the west coast, and more such deals are in the offing, according to charterers, brokers and tanker owner sources who spoke to Platts. India ships more than 6 million metric tons each of naphtha and gasoil annually to East Asia and Europe, respectively, according to S&P Global Commodities at Sea data. Apart from Sikka, refined products are also exported from West Coast India’s Mumbai, Cochin and New Mangalore, among others. Japanese buyers are also looking to secure some of their naphtha requirements from India, a chartering source in North Asia said, as per a report.
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