Latest news from Heavy Lift & Project Forwarding International magazine

Heavy Lift Across the World

Steel tariffs threaten global shipping

The Baltic and International Maritime Council (BIMCO) has warned that while the USA's metals tariff will have a limited impact on most international bulk trades, it could have a negative impact on global shipping.

The USA will add a 25 percent tariff on imports of steel and a 10 percent tariff on imported aluminium, effective today (March 23, 2018). BIMCO believes that this push towards protectionism could trigger something bigger, having a wider impact on the global shipping industry. 

BIMCO's chief shipping analyst, Peter Sand, said: "Free trade provides prosperity and peace. It's a fundamental principle to cherish and safeguard. All trade-restrictive measures are in principle bad for shipping.

 "Open economies are all better off from trading, as they make use of their resources in the most optimal way. The result of a trade war is more expensive goods of lower quality and little variety. This goes for all products and commodities." 

On March 22, US President Donald Trump made a last-minute decision to exempt the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea from the tariffs, on a temporary basis, while further discussions take place.

"Overall we are seeing more trade-restrictive measures introduced. Some more high profile than others. This is a worrying trend that limits demand for shipping globally. Even worse for shipping could be short-sighted political positions that may have lasting consequences for everyone involved in global industries like shipping if a large-scale trade war emerges," added Sand. 

 

www.bimco.org

Heavy Lift | News

Grubb grabs Demag crane thumbnail image

Grubb grabs Demag crane

September 20 - USA-based WO Grubb Crane Rental has taken delivery of a Demag all-terrain AC 500-8 machine.
Views: 201
Equipment mover gets on the skids thumbnail image

Equipment mover gets on the skids

September 20 - Edwards Moving & Rigging is using a variety of equipment, including a 150-tonne capacity Hydra-Slide skidding system to swap transformers at a high security power plant in the USA.
Views: 255
WW Solutions and Keen team up in Tacoma thumbnail image

WW Solutions and Keen team up in Tacoma

September 19 - Wallenius Wilhelmsen Solutions (WW Solutions) is to consolidate its facility at the US west coast port of Tacoma with that of Keen Transport, the trucking company that it acquired in December 2017.
Views: 449

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.