India currently imports most of its crude oil and gas needs and the country exports refined oil products such as ultra-low sulfur diesel and jet fuel, notably to Europe and sometimes the US Atlantic Coast among more “typical” destinations such as Southeast Asia and East/South Africa. This year, India has shown a strong appetite for discounted Russian crude, and future purchases of Russian crudes by Indian refiners will likely depend on how the EU ban shapes up for seaborne trade and whether these imports will still make economic sense given high freight rates and the resulting market structure.
India ...
Positive Signs for the MR Segment
Nov. 14, 2022
We continue to see strong prospects for the MR market entering 2023. A recovery in global oil demand following the pandemic paired with new refining capacity coming online have created positive sentiment for the MR tanker sector. We have witnessed an increase in ton mile demand as a result of the Russian-Ukraine conflict, a trend we expect to persist in 2023. A low expected delivery schedule in 2023 and 2024 will likely result in these vessels remaining in high demand. These versatile tankers continue to operate in an increasing number of regions in the world, capturing about 45% of the ...
