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.
US West Coast’s six largest ports sent a letter to US President Donald Trump alerting about the impacts of the trade war between the US and China, adding that the escalating tension will affect ports’ economies, workers, residents and international partnerships.
As CNBC informs cargo is piling up in the Port of Los Angeles, as retailers have been front-loading products in light of the approaching tariffs. Following President Trump’s announcement on new tariffs of 10% on the remaining 300 billion Dollars of goods and products coming from China, the port saw an unprecedented increase of incoming cargo.
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.
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