rss icon Subscribe
desktop mobile

European Shipowners on US Steel, Aluminium Tariffs

Martin Dorsman, Secretary General. Photo: ECSA

By Aiswarya Lakshmi

European shipowners disagree with the US President Trump's decision to impose additional duties on imports of certain steel and aluminium products into the United States.

"This protectionist decision of imposing 25% import duties on steel and 10% on aluminium will obviously have a negative impact on transatlantic relations and on global markets", said Martin Dorsman, ECSA's Secretary General.
"The European Shipping Community is concerned with this development and the potential of full-scale trade war. It is clear that the tariffs might leverage to other products as we have already heard from the EU leaders' responses. A full scale trade war will benefit nobody", he added.
Shipping is the backbone of global trade, enabling the import and export of affordable goods on a scale that is not possible for any other transport mode. Shipping needs global trade to exist and global trade cannot exist without an efficient shipping industry.
Around 90% of world trade in goods is carried by the international shipping industry and EU shipping companies are large players in this global industry.
European shipowners control 40% of the world's merchant fleet and operate shipping services all over the world. This includes trade between non EU countries such as trade between the Far East and Latin America, so called "cross trades". For many shipping companies the majority of their trade activity actually happens outside of the EU.
"European shipowners call US and the counterparts to respect the principles of free trade and prevent a full scale trade war", concluded Dorsman.

Mar 13, 2018

 

Finance

INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.

John Rynd / President , CEO and Director, Tidewater Inc.

Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics.

Suez Canal Revenues Jump in August

© Carabay / Adobe Stock

Egypt’s Suez Canal revenues rose to $502.2 million in August up 6.7 percent from the same period

Odfjell Finalizes Sale of Rotterdam Tank Terminal

(Photo: Odfjell)

Norwegian shipping and tank terminal company Odfjell SE announced on Thursday that it has

Government Update

NSF Awards Contract to Continue Ocean Observatories Initiative

The research vessel Neil Armstrong arrived to recover a surface mooring that is part of the OOI Global Array in the Irminger Sea south of Greenland in 2016. (Photo by James Kuo, Woods Hole Oceanographic Institution)

A state-of-the-art marine facility delivering data and new insight to the ocean science community

Maritime and Port Authority of Singapore Holds Ferry Emergency Drill

Vessel to vessel transfer. Photo: Maritime and Port Authority of Singapore (MPA)

The Maritime and Port Authority of Singapore (MPA) conducted a ferry emergency exercise  to test

In Florence’s Wake, Flooding Still a Big Concern in the Carolinas

Coast Guard crews discuss tactics prior to conducting rescue operations in response to Hurricane Florence in North Carolina, Sunday, Sept. 16, 2018. The Coast Guard is working with state and local agencies throughout the affected region. Image: USCG)

Flooding is expected to worsen in the coming days as the Coast Guard continues its relief efforts.

Maritime Apps