Geopolitical Risks Send Supertanker Rates to Record Levels

By Olivia Konotey-Ahulu and Firat Kayakiran (Bloomberg) --Nothing right now is stopping a surge in oil tanker rates that’s given owners of the vessels one of the biggest boosts in years. Rates have rallied so high that a secondhand supertanker could theoretically pay for itself in a couple of voyages, according to estimates from Clarkson Platou Securities AS. A normal … [Read more...]

Port of Los Angeles Imports Fall in September as Trade War Roils Shipping

LOS ANGELES, Oct 10 (Reuters) - The Port of Los Angeles, the busiest for ocean trade with China, processed fewer containers of imported goods in September as the prolonged U.S.-China trade war whipsaws global supply chains. Imports fell 2.9% to 402,320 TEUs, or 20-foot equivalent units, in September - the first decline at the Port of Los Angeles since February. Exports … [Read more...]

U.S. Sanctions on COSCO Hit Teekay’s Yamal LNG Fleet

By Sabina Zawadzki LONDON, Sept 30 (Reuters) - U.S. sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas (LNG) tanker industry on Monday as U.S.-listed Teekay LNG said its shipping joint venture in Russia had been "blocked" because of its ties to COSCO. The United States imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO … [Read more...]

U.S. Slaps Sanctions on COSCO Tanker Units

The sanctions targeted COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian), along with Seaman & Ship Management Co. and a handful of other Chinese nationals and entities. By Humeyra Pamuk NEW YORK, Sept 26 (Reuters) - The United States is imposing new sanctions on certain Chinese entities and people who it accuses of knowingly transferring oil from … [Read more...]

House Panel Probing Transportation Secretary Chao’s Ties to Family Shipping Business

By Jan Wolfe WASHINGTON, Sept 16 (Reuters) - A U.S. House of Representatives panel on Monday demanded documents from Transportation Secretary Elaine Chao as part of a new investigation into whether she has used her office to benefit a shipping company owned by her family. Leaders of the Democratic-controlled House Oversight Committee said in a letter to Chao they were … [Read more...]