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Soybean Shipment Circles Off China

Cargo has been awaiting orders for over a month

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A shipment of soya beans worth more than $20 million has been bobbing aimlessly in the Pacific Ocean for a month, a casualty of the escalating trade war between China and the U.S., reports The Guardian.

Lingering uncertainty over the cargo’s fate offered a timely reminder of the fallout from a dispute that intensified on Wednesday as President Trump unveiled a second round of tariffs on $16 billion of Chinese goods, prompting Beijing to respond in kind.

The ship, owned by JP Morgan Asset Management, was scheduled to unload about 70,000 tonnes of American soybeans in the Chinese port of Dalian on July 6, shortly after Trump imposed a first round of tariffs on $34 billion worth of goods.

The vessel arrived too late, however, and has been sailing around in circles ever since.

Read the full report here.

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