The Peak Pegasus and its cargo of around 70,000 tonnes of dried soyabeans , believed to belong to Louis Dreyfus , is racking up more than $ 400,000 in chartering costs as it idles in the Yellow Sea , off the Chinese coast . The vessel was caught up in the trade war between the US and China , with Peak Pegasus racing to make the deadline to clear customs before China imposed a 25 % tariff , but arrived too late on 6 march . In order to avoid the $ 6 m tariff , and until it decides what next to do , the ship is spinning around in circles .
The Peak Pegasus and its cargo of around 70,000 tonnes of US soyabeans, believed to belong to Louis Dreyfus, is racking up more than $400,000 in chartering costs as it idles in the Yellow Sea, off the Chinese coast. The vessel was caught up in the trade war between the US and China, with Peak Pegasus racing to make the deadline to clear customs before China imposed a 25% tariff, but arrived too late on 6 July. In order to avoid the $6m tariff, and until it decides what next to do, the ship is going around in circles.