Since the hijacking of the Galaxy Leader car carrier in November 2023 by Yemen’s Houthi rebels, maritime trade in the Red Sea has been a global concern. No more so than for the oil producers and shipping firms who are reliant on and responsible for the trade through the strategic waterway.
By many measures the disruptions to Red Sea trade have come at a terrible time. A swathe of European refinery closures over the last decade, in part made in anticipation that new Gulf refineries would target Europe with their surplus distillates, left European oil product markets structurally short for key refined oil products like diesel, gasoil, and jet fuel. (CONTINUED - 1108 WORDS)
