China Sanctions Five US-Linked Units of South Korea’s Hanwha Ocean
China announced sanctions on Tuesday against five U.S.-linked subsidiaries of South Korean shipbuilder Hanwha Ocean amid trade tensions between the world's two largest economies, sending the company's shares sharply lower.The move, announced by the Chinese commerce ministry, comes on the day that China and the U.S. implement additional port fees targeting each others' vessels, although China has exempted ships it built.Organisations and individuals within China are prohibited from engaging in any transactions…
OpEd:Turning the Tide: How Trade Talks with China Could Revitalize the U.S. Maritime Industry — If Washington Gets It Right
As trade negotiations between the United States and China inch closer to resolution, stakeholders across multiple industries are holding their breath. For many, the focus is on tariffs, supply chains, and global competition. But for the long-neglected U.S. maritime sector, these talks may represent a once-in-a-generation opportunity to not only regain relevance, but to reassert strategic and economic independence on the high seas.Once a dominant global maritime power, the United States today operates a commercial fleet of fewer than 80 ocean-going vessels under the U.S. flag engaged in international trade — a startling figure compared to China’s rapidly expanding commercial fleet of over 5,500 ships.
Hapag-Lloyd Customers Cancel 30% of China's US Bound Shipments
Hapag-Lloyd customers have cancelled 30% of shipments to the United States from China, spooked by the trade conflict between the world's two largest economies, a spokesperson for the German container shipping group told Reuters on Wednesday.Instead, there has been a "massive increase" in demand for consignments from Thailand, Cambodia and Vietnam, the spokesperson added.Tariffs on goods from China introduced by U.S. President Donald Trump have triggered a trade conflict that has resulted in 145% U.S. duties on Chinese goods and 125% Chinese duties on U.S.
LPG Market Faces Shifts Amidst Trade War
The global liquefied petroleum gas (LPG) market is facing an upheaval as high tariffs on U.S. imports force Chinese buyers to swap American cargoes for alternatives from the Middle East, while U.S. shipments divert to Europe and elsewhere in Asia.The shakeup is expected to depress the shale gas byproducts' prices and demand, hurt the bottom lines of U.S. shale producers and Chinese petrochemical companies, and boost the appetite for alternatives such as naphtha.It is also expected to benefit Middle East suppliers…
China Hikes Tariffs for US Imports in Response to Trump’s Actions
Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to up-end global supply chains.China's retaliation intensified the economic turmoil unleashed by Trump's tariffs, with markets tumbling further and foreign leaders puzzling how to respond to the biggest disruption to the world trade order in decades."Recession risk is much…
