Following US President Trump’s announcement on imposing new tariffs of 10% on the remaining 300 billion Dollars of goods and products coming from China in the early days of August, the new tariffs took effect on Sunday, September 1st.
The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million tonnes in June 2019, according to BIMCO. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high volume of 2.3m tonnes.
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.
iContainers stated that there are two extra factors in 2019, that could cause “further disrupt” and throw a wrench in the day-to-day management of the shipping peak season. Namely, the ocean freight industry has recently been operating under a cloud of uncertainty due to Brexit and the unpredictable US-China trade war.
According to Intermodal Association of North America (IANA), its activity was weak during the second quarter of 2019. IANA’s estimate concerning the intermodal container activity highlights the deepening of the freight recession that railroads and trucking companies saw in the 2019 second quarter.
Donald Trump informed that US will start, on September 1st, putting an additional tariff of 10% on the remaining 300 billion Dollars of goods and products coming from China into the US. This does not include the 250 billion dollars already tariffed at 25%.
The amount of outbound cargoes to the US is expected to be volatile for this year as the US-China trade dispute continue. Namely, container port business Hutchison Port Holdings Trust (HPH Trust) is expected to announce its second quarter results ended June 30, 2019, after the market closes, according to IG Bank.
Reuters reports that the recent attacks around the Strait of Hormuz and the Gulf of Oman have increased insurance costs resulting to the decrease of purchases of marine fuels in the UAE Fujairah oil hub, as shippers are trying to mitigate their time in the Middle East.
According to Gibson Shipbrokers, OPEC+ announced the expansion of their product cuts for additional nine months until the end of the first quarter of 2020. Yet, the OPEC cuts are a negative development concerning Middle East’s tanker market, mostly affecting VLCCs.
CMA CGM informed that after considering the recent incidents in the Strait of Hormuz and the related significantly increasing insurance costs in the Middle East Gulf region, it decided to implement a War Risk Surcharge. The War Risk Surcharge will apply from July 5th, 2019.
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