Saudi-owned supertankers are once again starting to cluster off the coast of Egypt, after earlier signs this week that the backlog was clearing-up.
The number of supertankers anchored near the Egyptian port of Ain Sukhna – which sits at the southern end of a pipeline linking the Red Sea to the Mediterranean – grew to eight. At its peak, ten vessels were stationed off Egypt’s coast.
Six of the tankers, holding about 12 million barrels, are Saudi-owned and loaded at the kingdom’s Red Sea port in Yanbu. The earliest tanker to arrive in the group has been floating for 20 days now.
The other two Chinese-owned vessels, also carrying Saudi crude, have been waiting offshore for more than 50 days.
Soybeans and other grains surged as progress in negotiations between the US and China lifted hopes that the world’s two largest economies were edging toward a deal in their protracted trade war.
Small importers for large U.S. retailers rushed in China-made strollers and wares meant for spring and are storing the goods in their own warehouses to avoid the big tariff bills that had been threatened over the next month.
Top Chinese and U.S. economic officials on Sunday hashed out the framework of a trade deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week that would pause steeper American tariffs and Chinese rare earths export controls, U.S. officials said.
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