Crude oil trading terminal of Qingdao Port, China, China's crude oil imports in the largest berthing large 30-ton tanker
https://www.reuters.com/article/us-usa-china-trade-oil/us-crude-oil-shipments-to-china-totally-stopped-amid-trade-war-shipping-executive-idUSKCN1MD0O1
U.S. crude oil shipments to China have “totally stopped”, the President
of China Merchants Energy Shipping Co (CMES) said on Wednesday, as the
trade war between the world’s two biggest economies takes its toll on
what was a fast growing businesses.
Washington and Beijing have slapped steep import tariffs on hundreds
of goods in the past months. And although U.S. crude oil exports to
China, which only started in 2016, have not yet been included, Chinese
oil importers have shied away from new orders recently.
“We
are one of the major carriers for crude oil from the U.S. to China.
Before (the trade war) we had a nice business, but now it’s totally
stopped,” Xie Chunlin, the president of CMES (601872.SS) said on the sidelines of the Global Maritime Forum’s Annual Summit in Hong Kong.
Ship tracking data in Refinitiv Eikon confirmed that U.S. crude oil shipments to China ground to a halt in September.
“It’s
unfortunately happened, the trade war between the U.S. and China.
Surely for the shipping business, it’s not good,” the CMES president
said.
601872.SSShanghai Stock Exchange
+0.16(+4.49%)
He
also said the trade dispute was forcing China to seek soybeans from
suppliers other than the United States, adding that China now bought
most its soybeans from South America.
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