Two tankers loaded with fuel from Reliance Industries in India that were headed to Europe made U-turns and are now bound for Asia, according to two trade sources and ship-tracking data, as the refiner capitalises on firm Asian margins with the Iran war squeezing supply.
The Advantage Life, which loaded around 100,000 metric tons (745,000 barrels) of diesel at Reliance’s Jamnagar refinery on February 28, is currently bound for Singapore, according to Kpler, LSEG data and two trade sources.
The Navig8 Honor, which is carrying around 75,000 tons (591,000 barrels) of jet fuel and was initially headed to West-of-Suez markets, also turned around and is heading for Southeast Asia, according to Kpler ship-tracking data and one of the two sources.
Reliance did not immediately respond to a Reuters request for comment.
Asian buyers are rushing to secure fuel supplies to offset production losses from expected refinery run cuts as the near halt in traffic in the Strait of Hormuz constrains oil supply to the region.
Singapore jet fuel refining margins hit a record on March 5 of US$80 a barrel.
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