Caixin
Aug 13, 2018 07:09 PM
BUSINESS & TECH

Fate of Ship That Dashed Across Pacific in Vain Highlights Tariff Troubles

An Eikon ship-tracking system shows the position of Peak Pegasus, a soybean-carrying cargo ship, on July6 as it steamed to the Port of Dalian in Liaoning province. Photo: VCG
An Eikon ship-tracking system shows the position of Peak Pegasus, a soybean-carrying cargo ship, on July6 as it steamed to the Port of Dalian in Liaoning province. Photo: VCG

Reports in July of a plucky bean-filled ship called Peak Pegasus and its trans-Pacific dash to unload its cargo at the Port of Dalian before punitive tariffs came into force was almost the “feel-good” commodities story of the summer, but it was not to be.

The ship arrived hours too late, and spent the last month moored off China’s east coast.

Shipping data indicates that Peak Pegasus finally docked on Friday, very likely in preparation to unload its cargo of 700,000 metric tons (772,000 U.S. tons) of U.S. soybeans. The buyer, thought to be state-owned China Grain Reserves Corp., will pay the 25% tariff, likely adding around $6 million to the cargo’s cost, according to British newspaper The Guardian.

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