India May Offer Incentives for Clean Fuels in Budget; Shipping Costs Rise on Red Sea Attacks
• India expected to outline incentives for clean fuels in interim Budget on Feb 1, including capex subsidies, tax waivers and import duty cuts
• General rate increases across Asia expected to lift freight rates, but Chinese New Year bookings halted, dampening Red Sea sentiment
• Shipping and tanker insurance costs rising amid Houthi attacks in Red Sea, lifting refiners' crude procurement bills
• China's manufacturing PMI for Jan unlikely to show big improvement due to sluggish consumer spending
• Chinese thermal coal demand expected to increase for post-holiday Indonesian cargoes amid supply constraints