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The US soybean ship staged "life and death speed" and circled at sea after 1 month.

  • Author:selectech
  • Source:https://news.163.com/18/0809/1
  • Release on:2018-08-09
[Global Times-World Wide Web Report] Remember the Pea Pegasus, a soybean-loaded freighter that raced with tariffs more than a month ago? On July 6 this year, in order to counter the US tariff of 25% on Chinese goods valued at 34 billion US dollars, China also announced the imposition of tariffs on US goods of the same size, and soybeans are on the list of such tax-added goods. In order to arrive at Dalian Port before the Chinese tariffs came to the fore, the "Fei Ma Feng" had carried 70,000 tons of soybeans at sea and rushed all the way, causing strong concern in Chinese social media. It is a pity that in the unanimous refueling voice, the "Fei Ma Feng" failed to arrive at the port in time...
How is the "Flying Horse Peak" and the whole ship soybean now? On the 8th, the British "Guardian" gave the answer: this poor ship has been wandering around the sea for a month without aim, and the soybeans did not enter the Chinese customs clearance, but followed the ship. Drifting at sea...

According to the "Guardian", since the "Fei Ma Feng" failed to arrive in China before the tariff was imposed, it has been stranded at sea and sailed around China. “Soya, worth more than $20 million, has drifted aimlessly for a month in the Pacific... And this 43,000-tonne, 229-meter-long cargo ship has also become a symbol of the potential consequences of this tit-for-tat trade dispute. ”

According to reports, the ship is owned by JPMorgan Asset Management, and the owner of the ship's soybeans is an agricultural trade company based in Amsterdam called Louis Dreyfus. The latter is believed to 
be required to pay approximately $12,500 a day to continue to lease the vessel, which means that over $400,000 has been incurred in the past. Despite this, experts in the commodity sector still believe that from a financial point of view, these soybeans may have to continue to drift at sea for the next few months, because now other options may be more wrong and more risky.
"Since the beginning of the trade war, the market price of US soybeans has fallen, because China, the world's largest importer, is looking for alternative sources." The Guardian said that this means that the "Pegasus" Potential buyers of soybeans in Europe and elsewhere will ask sellers to “sell at a discount”. In addition, “the cost of driving a ship from China to another destination must also be high.”
It seems that the fate of this ship's soybeans is like the vastness of the sea.
Come on, soy!