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Cargo ship is circling off the Chinese coast, after losing tariffs deadline

The frustrated voyage of the Peak PegasusSamantha Lee / Business Insider
  • A cargo ship that sailed from the US carrying $20 million worth of soybeans has been circling off the Chinese coast for over a month.
  • The ship became an internet sensation on Chinese social media as it raced to deliver its cargo last month before new Beijing tariffs took effect.
  • The ship, called the Peak Pegasus, has been drifting in circles off the coast of the northeast city of Dalian ever since it failed to beat the tariffs.
  • Peak Pegasus is a casualty of the US-China trade war.

A cargo ship carrying a $20 million worth of soybeans has been circling off the Chinese coast for over a month after being caught in the middle of the US-China trade war.

The Peak Pegasus, which is owned by JPMorgan Asset Management, left Seattle on June 8 on a monthlong voyage to the northeastern Chinese city of Dalian. The trade war between the US and China was erupting just as it left, with President Donald Trump imposing tariffs on billions of dollars’ worth of Chinese imports.

The US ship was due to deliver its 70,000-tonne cargo on July 6, The Guardian reported, but missed the tariff deadline. The Peak Pegasus arrived about five hours after China imposed retaliatory tariffs on US goods including soybeans.

The ship has been off the coast of Dalian ever since and is now drifting in circles at 0.1 knots.

Read more on Business Insider.

Source: Business Insider
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