Sharing figures for the month of August, the US Port of Long Beach said it saw the fifth-busiest August in its 108-year history, handling a total of 663,992 TEUs. However, this represents a 2.3% decrease in its cargo movement compared to August 2018.
The Port of Los Angeles announced a new cargo record for the fifth consecutive month in August, moving 861,081 TEUs and recording the busiest August in its 112-year history. On this occasion, the head of the Port called for an end to US-China trade war for global trade stability to be restored.
On the occasion of the G7 meeting in France on 24-26 August, the US and Japan agreed in principle on Sunday to core elements of a trade deal that US President Donald Trump and Prime Minister Shinzo Abe said they hoped to sign in New York next month.
Reuters reports that the US Department of Agriculture informed of private sales to Chine of 68,000 tonnes of soybeans for the 2019/20 marketing year, the first such purchase by a private buyer since the trade war the US and China commenced more than a year ago.
China has been reportedly conducting a series of anti-ship ballistic missile tests in the South China Sea over the weekend, triggering concerns in the US less than a week after the two countries decided to pause their ongoing trade war.
As OPEC and OPEC+ meet in Vienna, the outlook for the market is mixed, according to Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie energy consultancy. Geopolitical risk means the supply outlook is tightening, offsetting the moderate weakening in oil demand growth thus far this year, she said.
Following a two-day meeting in Japan’s Osaka, the leaders of the Group of 20 major economies discussed a free trade environment, after talks some members described as difficult. The leaders noted that growth remained low, whereas risks were tilted to the downside as trade and geopolitical tensions have grown.
A wider conflict between the US and Iran would be negative for most types of ships and for the oil markets in general, as fewer ships will transit the Straits of Hormuz, said VesselsValue in its latest analysis, following tensions on the aftermath of the recent tanker attacks in the Gulf of Oman.
The US National Retail Federation welcomed legislation introduced on 25 June that would strengthen congressional authority over tariff increases like those imposed by the Trump administration during the past year. The measure would limit any new or additional tariffs imposed on national security grounds.
Confidence in the shipping industry has fallen marginally over the past three months, largely as a result of ongoing concern over trade wars and increased regulation, according to the latest Shipping Confidence Survey from shipping adviser and accountant BDO.
