By Gavin van Marle (The Loadstar) - The lack of developments on negotiations between China and the US on tariffs is expected to contribute to the first full-year decline in volumes on the headhaul eastbound transpacific trade since the global financial crisis. The last time the trade saw volumes decline was in 2009, in the wake of the collapse of Lehman Brothers and when … [Read more...]
Oil Slumps as Trump Hits Brakes on Tariff Rollbacks
By Jacquelyn Melinek (Bloomberg) --Oil fell after President Donald Trump said that the U.S. hasn’t agreed to rollback all tariffs on China. WTI futures dropped as much as 2.4% in New York Friday after rallying the prior day on optimism of a quick resolution in the U.S.-China trade war. Trump told reporters Friday that while China wants a partial reversal of tariffs imposed … [Read more...]
Tariffs Take Toll on Port of Los Angeles October Volumes
Tariffs are taking their toll at the United States’ busiest container port, with container counts and the number ship calls falling sharply last month. The Port of Los Angeles reported Thursday it moved a 770,189 Twenty-Foot Equivalent Units (TEUs) in October, a 19.1% decrease compared to 2018’s record-breaking October. Through the first ten months of 2019, total volumes … [Read more...]
China Says U.S. Agrees to Tariff Rollback If Deal Reached
By Bloomberg News (Bloomberg) -- China and the U.S. have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal between the two sides, a Ministry of Commerce spokesman said. “In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement,” … [Read more...]
How the Trade War and a Changing China Are Roiling Global Shipping
By Ann Koh and Serene Cheong (Bloomberg) --The trade war and China’s economic shift made 2018 a tough year for global shipping and will continue to reverberate through the industry, according to the United Nations Conference on Trade and Development. Maritime shipping volumes grew just 2.7% to 11 billion tons last year, UNCTAD said in its annual review of the maritime … [Read more...]