Shipments of diesel from India into Europe are at the lowest since 2022 so far this month as Houthi attacks on merchant shipping continue to disrupt international trade, driving more cargoes to Asia.

Flows to the European Union and UK plunged as higher freight costs stoked by the ongoing turmoil in the Red Sea, as well as unplanned refinery maintenance in Asia, made trade economics better for sending cargoes east rather than west.

Arrivals of fuel from India into Europe averaged just 18,000 barrels a day in the first two weeks of February, a plunge of more than 90% compared with January’s average, according to data from Vortexa Ltd., compiled by Bloomberg. The drop partly stemmed from the higher costs of shipping to the west last month, according to James Noel-Beswick, an analyst at Sparta Commodities.

“The economics to export east – Singapore region – were a lot better than those west,” Noel-Beswick said. Tankers heading to Europe or the Atlantic Basin are being forced by the Houthi threat to go around South Africa’s Cape of Good Hope, increasing journey lengths and costs, or use the Suez Canal, “with the risks involved and extremely high war risk insurance.”

There were no imports of diesel-type fuel into the EU in the first two weeks of February and only one shipment into the UK, according to the data. However, the Marlin Sicily and Marlin La Plata recently loaded barrels in India and are headed for Rotterdam, with the former signaling arrival later this month, according to port report and tanker-tracking data compiled by Bloomberg.

Elsewhere, arrivals of diesel-type fuel from India to Asian destinations – including some cargoes into Saudi Arabia and Bangladesh – surged in the first two weeks of the month. More cargoes, on vessels such as the Peace Victoria and Orange Victoria, are sailing toward East Asia.

Better arbitrage economics should mean an increase in exports of diesel from India to the European region in the coming weeks, Noel-Beswick said.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The first full-length trailer of Operation Valentine is out. Directed by Shakti Pratap Singh Hada, the film features Varun Tej and Manushi Chhillar in an aerial action thriller.

The trailer of Operation Valentine opens with Varun Tej’s Arjun “Rudra” Dev who wakes up from a bad dream. We then see his life as a pilot for the Indian Air Force. We also get a glimpse of Manushi Chhillar’s Aahana in uniform. The two embark on a mission to save their country.

Watch the trailer here:

Along with plenty of aerial action shots, the trailer also hints at the love story between Rudra and Sonal, offering a closer look at the lead stars’ chemistry.

The official synopsis reads, “#OperationValentine is a patriotic, edge-of-the-seat entertainer and will showcase our Air Force heroes on the front lines and the challenges they faced as they fought one of the biggest, fiercest aerial attacks that India has ever seen.” 

Operation Valentine which also features Navdeep, Ruhani Sharma and Mir Sarwar,  will release in theatres on March 1, 2024.

West Bengal is set to witness yet another political showdown on the Sandeshkhali issue after BJP leader Suvendu Adhikari and CPM’s Brinda Karat were stopped from visiting the island this morning. The Sandeshkhali island in North 24 Parganas district has made headlines following BJP’s allegations of sexual violence by Trinamool leaders and multiple accounts of women alleging harassment and extortion.

Mr Adhikari, who is Leader of Opposition in Bengal Assembly, was stopped at Dhamakhali before he and his supporters could board a ferry to take them to the island. This is his third attempt to visit Sandeshkhali after the allegations against Trinamool leaders raised a political storm.

Incidentally, the Calcutta High Court yesterday allowed Mr Adhikari to visit Sandeshkhali. It asked the BJP leader to file an undertaking that he and his supporters won’t engage in any activity that may lead to deterioration of the law and order situation. But this morning, police and riot control force personnel were seen putting up barricades to stop the BJP leader and his supporters at Dhamakhali. Additionally, the local administration clamped prohibitory orders in Sandeshkhali and surrounding areas, barring public gatherings.

“I have a court order. Even then, you are stopping me. This is unfortunate. I will wait for an hour. Then I will return to Kolkata and draw the high court’s attention to this. The Mamata Banerjee government and its police are not abiding by the Calcutta High Court’s order,” he said.

Later, a division bench of the high court this morning upheld the single-bench ruling, allowing Mr Adhikari to visit Sandeshkhali. 

Ms Karat was also stopped at Dhamakhali before she could proceed to the island. BJP and CPM supporters are now holding separate demonstrations in Dhamakhali.

The island is at the centre of a massive political row after the BJP alleged that aides of local Trinamool strongman Sheikh Shahjahan sexually harassed women. NDTV ground reports revealed allegations of land grab and extortion, as local residents accused Shahjahan’s aides of forcibly taking money they received under central and state government’s welfare schemes.

Mr Shahjahan has been on the run for a month now after an Enforcement Directorate team conducting raids against him in a corruption case was attacked by a mob. Two of his aides, Uttam Sardar and Shibu Hazra, have been arrested.

State police have said a total of 17 arrests have been made and camps have been set up in Sandeshkhali to record the complaints of local residents.

The ruling Trinamool Congress has accused the BJP of fomenting trouble on the island, with party chief Mamata Banerjee saying that Sandeshkhali has an “RSS base” – suggesting the outfit’s role in the unrest.