Shipping Market in Turmoil as US-China Tensions Escalate
Barges are moored near the Port of Nansha in the Nansha district of Guangzhou, China.
Photographer: Qilai Shen/BloombergOil-tanker rates spiked the most in years and some vessel bookings faced cancellations as trade tensions between the world’s two largest economies escalated afresh.
A handful of oil tankers had provisional bookings to deliver cargoes to Chinese ports canceled on Friday, according to several officials involved in the market who asked not to be identified discussing private information. The moves came after China, the world’s largest oil importer, said it would levy charges on US vessels.