The U.S. and China struck a major deal to slash tariffs in a move that could reshape global shipping. On May 14, the U.S. will lower tariffs on Chinese imports from 145% to 30%, while China cuts its tariffs on U.S. goods from 125% to 10%.
LNG Freight Rates Plunging
LNG freight rates for the Atlantic and Pacific basins have plunged to the lowest levels for October, with Friday’s rates dropping $20,750 and $36,000 daily—down 87% in the Atlantic and 78% in the Pacific since 2019!
Shipping In The Mississippi River
Shipping in the Mississippi River is vital to the U.S. economy, bringing in over $405 billion annually.
The Ukraine Crisis’ Effects on LNG Exports
Due to the current conflict in Ukraine, there has been a recent global shift in the LNG exported from Russia, which is one of the largest natural gas producers and LGN shippers globally.