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(Bloomberg) — Asian energy buyers, eager to secure supplies as the Middle East war enters its second week, are outbidding rivals to lure fuel shipments that were headed to other regions.
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At least eight tankers, laden with petroleum products such as diesel and jet fuel, have all made sharp route changes in recent days and have been seen traveling toward East Asia, according to Kpler and ship-tracking data compiled by Bloomberg. Three of the shipments came from India, three got out of the Persian Gulf before the Strait of Hormuz was effectively closed last week, and two loaded in Oman.
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The route reversals highlight how the world’s biggest energy-importing region is being particularly hard hit by the war in the Middle East and the lack of access to oil and fuel from the Persian Gulf. China has asked the country’s top refiners to suspend exports of diesel and gasoline, while long lines have been forming at filling stations across the continent.
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Fuel prices in Asia have surged in recent days as refiners across the region reduced processing rates due to a shortage of crude, while major plants in the Middle East cut production because they are running out of storage space. Some Asian plants had also planned maintenance before the war broke out, exacerbating the situation.
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Read: Queues, Price Hikes and Shortages as Asia Battles Fuel Crunch
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Asian countries receive a large proportion of Persian Gulf oil exports, which pass through the Strait of Hormuz and have been severely disrupted by the conflict.
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Below is a list of the tankers that have turned, based on Kpler and ship-tracking data compiled by Bloomberg, or click here for an interactive map of the ships.
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—With assistance from Prejula Prem.
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(Updates number of ships in second paragraph, map and table.)
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English (US)