“The shift appears to be payment-related, with sellers tightening terms, moving away from the earlier 30–60 day credit window toward upfront or near-term settlement,” Ritolia said.
He added, “While such mid-voyage destination changes are not unprecedented with Iranian crudes, they highlight the increasing sensitivity of trade flows to financial terms and counterparty risk.”
It remains unclear which Indian refinery procured the , as multiple refiners, including Indian Oil Corporation, Nayara Energy and Bharat Petroleum, source crude through Vadinar.
However, Ritolia indicated that the cargo could still be diverted back to India if payment issues are resolved.
“If the payment issues are resolved, the cargo could still make its way to an Indian refinery,” Ritolia said.
He added, “However, the episode underscores how commercial terms are becoming as critical as logistics in determining Iranian crude flows to other countries apart from China.”
If the vessel ultimately docks in India, it would mark the first arrival of Iranian crude in the country since 2019.
(Edited by Ajeet Tiwari)
