The US Department of Transportation’s Maritime Administration (MARAD) officially announced the funding of $1.5 million in order to boost the conversion of Washington’s State Ferry vessel from diesel fueled to hybrid-electric power one.
The US and China reached an agreement on a ‘Phase One’ deal to avert US penalty tariffs that would take effect on December 15. Namely, China has agreed to purchase $32 billion in additional agricultural goods during the next two years from $24 billion purchased in 2017. In addition, it will also buy more manufactured goods and energy products.
Oil prices dropped an almost 1% on Wednesday, following a surprise build in the U.S. crude inventories led by a concern within the trading and analytical communities that a new round of tariffs on Chinese goods might be imposed in the following days.
The Chamber of Marine Commerce commented that the possibility of closing the St. Lawrence Seaway in December – which aims at accommodating higher water outflow at the Moses-Saunders dam in December – will have a negative impact to the Canadian and US economies of $193 million/per week.
UNCTAD published a report discussing the ongoing trade dispute between US and China, highlighting that the trade war played a crucial part in the reduction of the bilateral trade, higher prices for consumers and trade diversion effects, increased imports from countries not directly involved in the trade war.
In light of the trade war between the US and the EU, the tariffs seem to be affecting Greece’s most buoyant export sectors, its canned peach, Reuters reports. The increase in tariffs came into effect on October 18, when Greeks were ready to ship 50 million tins to US markets.
After the US imposed sanctions on subsidiaries of Cosco, European refiners have received an unexpected boost, as less crude oil from the North Sea and West Africa heads east, Reuters reports. What is more freight rates have risen as oil producers seek non-blacklisted vessels.
The US and China agreed on the outlines of a partial trade accord on Friday, October 11, according to which China would step up its purchases of US agricultural commodities, agree to certain intellectual-property measures and concessions related to financial services and currency.
Freight rates to ship US crude to Asia are still on the rise, with costs to charter a supertanker increasing to a record $12 million on October the 3rd. This development comes as an aftermath of US’s sanction against two units of COSCO, alleging that they were involved in transporting crude out of Iran.
According to Bloomberg the costs of oil tankers are rapidly increasing, following the US’s sanctions against Chinese companies accusing them of hauling Iranian crude. The rates for vessels hauling 2 million-barrel cargoes of Middle East oil to Asia rose to 19%; Meanwhile, the cost to transmit US crude to Asia on supertankers increased by 6.3% to $8.5 million on Thursday, as Bloomberg reports.
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