The head of the busiest container port in the United States is calling for an end to the U.S.-China trade war even as cargo volumes hit a new single-month record at the port, marking the fifth consecutive record-setting month. The Port of Los Angeles on Tuesday reported that 861,081 Twenty-Foot Equivalent Units (TEUs) were moved at the port in August, representing a 4.2% … [Read more...]
Transpacific Tradelanes Receive ‘Tariff’ Boost as European Carriers Suffer
By Mike Wackett (The Loadstar) - This week’s Shanghai Containerized Freight Index (SCFI) recorded further declines for Europe, but transpacific tradelanes rebounded as shippers struggled to digest the latest barrage of US/China trade tariffs. The North Europe component of the SCFI fell another 4.5%, to $757 per teu, which is 19% below the level of the same week of last … [Read more...]
China Tariffs on U.S. Oil to Pressure Exports, Gulf Coast Prices
HOUSTON, Aug 23 (Reuters) - China's threat on Friday to slap a 5% tariff on U.S. oil imports could further soften demand for physical crude at hubs along the U.S. Gulf Coast, where exporters already have taken to shipping crude overseas without firm buyers, traders said. PADD 3 inventories last week rose to the highest in a month, at 225.1 million barrels, and were 12.4 … [Read more...]
U.S. Container Ports Report Surprising Growth Despite Tariffs
By Mike Wackett (The Loadstar) - Despite the escalating US/China trade war, the ten biggest US container ports posted a surprisingly robust 2.7% year-on-year import throughput growth in July, for a cumulative 1,865,645 teu. However, analyst John D McCown, of consultancy Blue Alpha Capital, still believes that the impact of tariffs on Chinese imports “will become dramatically … [Read more...]
Transpacific Rates Take a Tumble as Trade War Ripples Spread
By Alexander Whiteman (The Loadstar) - Efforts to push rates up on Asia-North Europe trades are still failing, and carriers are now also beginning to feel the pinch from the China-US trade wars. The Shanghai Containerised Freight Index (SCFI) today recorded spot rates for North Europe virtually unchanged, up just 0.2% to $812 per teu. While this modest increase will allay … [Read more...]