Executive Director Gene Seroka said cargo that has shifted away from West Coast ports due to protracted labor negotiations.

The comments leave unanswered questions about how tankers moving Russia’s oil will get insurance if international firms don’t do so.

Today’s small-vehicle expedited shipping offers shippers faster delivery and increased agility, which can be a competitive advantage in today’s challenging marketplace. 

The tanker buildup is the first sign of the impact of the cap on the international oil market, which has been upended by the war in Ukraine.

Diplomats have been under pressure to nail down the cap plan before EU sanctions on seaborne Russian oil kick in December 5.

The smuggling process builds on operations in Russian-occupied Ukraine, where trucks have moved stolen grain through a clandestine system to Crimea.

Under the agreements, Chevron will take over operations at an oil upgrading facility where it will process about 1 million barrels of crude to be shipped to U.S. refiners.

The warning from the world’s third-largest container line is bleaker than in September, when the closely held company signaled the start of a slowdown.

The escalating shipping costs, however, are being offset by falling spot premiums in the current cycle even for OPEC producers’ crude, traders said.

The U.S. has imported more goods from Europe than from China in 2022, pushing East Coast ports ahead of their West Coast counterparts in import volumes