Posted on 08/09/2018 5:39:02 AM PDT by mac_truck
A cargo ship carrying American soybean exports has reportedly been stuck in the Pacific Ocean off China for a month after failing to arrive at the country before a 25 percent tariff on the good was implemented.
The Peak Pegasus had rushed to sail from the U.S. to China last month, ahead of the tariff start date of July 6. But The Guardian reported Wednesday that the ship arrived just past the deadline, and has been stuck outside China since.
The ship is owned by JP Morgan Asset Management, while the cargo belongs to global merchant Louis Dreyfus, The Guardian reported.
The trading company is paying about $12,500 a day for the ship to stay near China as executives decide what to do next, meaning it will have paid about $400,000 so far, according to The Guardian.
China imposed the hefty tariffs on soybeans and other American goods, including orange juice, whiskey and lobsters, last month in response to U.S. tariffs on Chinese products.
(Excerpt) Read more at thehill.com ...
Soy adds nutrients to the soil.
I think American Farmers use to grow it instead of letting fields lie fallow.
What they did with the beans I don’t know. Maybe let the cows eat them?
Now they sell them. :)
Soybeans in the US were always used for animal forage. There were cheaper nitrogen fixing legumes such as clovers and alfalfa for ground cover. The switch to soybeans came with industrial demand driven by World War 2.
Ben Franklin seems to have been an early fan of soybeans.
Don’t they love soy in Japan? Sell the crap to them.
Sell it to NK.
Why can’t “displaced” farmers retrain to be rocket scientiats, software engineers and brain surgeons like everyone else had too.
Excluding the fact of trading with a commie nation, how would you have dealt with this back in the day?
Corn brings in more money per acre but you can’t grow corn every year without depleting the soil. You have to alternate.
I used to own cargo ships as some here know
The Peak is a large bulk carrier with 20 million in beans
This is on the shipper and receivers depending how the contract is written and they will bear the waiting cost not the ship owner though I imagine hed rather be moving for more cargo
It could be under charter by the shipper in which case the shipowner has no dog in it except the needs of his crew and the costs if he has to switch some of them out or get provisions or bunker
Id wait it out and charge who was paying me
I wouldnt discharge till I was paid for extra time unless like I said shes under charter
Not until they give up their nukes...
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