With capes closing in on the $50,000 per day mark, something not seen since June 2010, an important driver in today’s hot dry bulk market is not demand, but congestion.
The latest round of sanctions announced jointly by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State was aimed at Iran’s metals industry.
Undoubtedly, fossil fuel production and exports have been given a shot in the arm by the Trump administration with a deregulatory agenda supporting US energy production.
The United States has blacklisted six Chinese entities for dealings with Islamic Republic of Iran Shipping Lines (IRISL) in the latest sanctions against Iran.
In August 2020 China lifted the annual summer ban on its fleet’s fishing in the East China Sea (ECS). Amid speculation that China may use the opportunity to assert its claim over the Japanese-controlled Senkaku Islands, U.S. and Japanese naval forces conducted a joint exercise in the ECS to deter China.
Their dispute over the discovery of gas deposits in waters off the shores of Crete and Cyprus have brought them to the brink. Unless they step back in favor of a compromise, the dispute is set to escalate towards a major conflict.
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