India: Sunflower and soybean oil prices rise amid shipping delays

Kolkata: Prices of sunflower and soybean oils have increased by 10% and 5%, respectively in the last fortnight due to shipment delays amid the ongoing Red Sea crisis, trade insiders said. Shipments of the two soft oils that are mostly consumed in the country during the winter season are delayed by a month as container shipping giants, including Maersk and Hapag-Lloyd, are taking a longer route around Africa due to attacks on commercial vessels by Houthi militants. in Yemen in the Red sea. Also, the Black Sea, through which sunflower oil comes from Ukraine and Russia, is frozen, causing delays and increasing costs, trade insiders said. “The ports are not operating full-fledged in the Black Sea and, therefore, there is a delay in the arrival of sunflower oil,” said Pradeep Chowdhry, managing director of Gemini Edibles & Fats India. Traders do not expect the prices to come down immediately as the shipping problems that they have been facing since last month are likely to continue. ...