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The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Ltd (HPCL) chairman Pushp Kumar Joshi said. India, the world's
Red Sea Crisis: The attacks on shipping vessels in the Red Sea by Houthi militants have not affected India's crude oil supply, according to Hindustan Petroleum Corporation Ltd (HPCL) Chairman Pushp Kumar Joshi. He mentioned that although Russian ships and cargoes are not primary targets of the attacks, the rerouting of ships around the Cape of Good Hope has led to longer voyages, causing a shortage of ships and an increase in freight charges.
India Business News: During a post-third quarter earnings call with investors, HPCL chairman assured that there are no supply disruptions despite the ongoing Red Sea crisi
Hindustan Petroleum Corporation Ltd (HPCL) chairman Pushp Kumar Joshi has stated that Houthi militants' attacks on ship vessels have not affected India's crude oil flows, despite the ongoing Red Sea attacks.
The Red Sea shipping route accounts for 50 per cent of the country's exports and 30 per cent of imports last fiscal. Domestic companies use the Red Sea route through the Suez Canal to trade with Europe, North America, North Africa and part of the Middle East.