A Political Change in the US Could Lead to a Shift in the Tanker Market as Well
According to Gibson, “what is even more uncertain is whether the US policy will stay its course, following US presidential elections. Although Trump’s senior advisers are insisting that the election will go ahead as planned in early November, the Covid-19 outbreak in the country could force changes to this timeline. Yet regardless whether it is in November or later, elections represent a real possibility of change”.
The shipbroker added that “most important, perhaps, is the Joe Biden pledge to focus on clean energy to fight climate change. Democrat lawmakers unveiled energy plans that would require the US to bring its net greenhouse gas emissions to zero by 2050. The proposals include requiring power producers to achieve net zero emissions by 2040, force oil and gas producers to phase out routine flaring and US carmakers to produce only electric cars by 2035. In contrast, President Trump was quoted saying to “never let the great US oil and gas industry down”. The election could also significantly change Iran’s future. In the past, Biden on many occasions favoured diplomacy and strong US support for international engagement. Back in January, Barrack Obama’s former Vice President suggested that one of the options to de-escalate the tensions with Iran is for the US to resume the dialogue with its European partners, raising the possibility that US could re-join “the Iranian deal”, known as the Joint Comprehensive Plan of Action (JCPA)”.
“In terms of relationships with other countries, Joe Biden is also campaigning a popular “get-toughwith-China” message, although again he appears to be willing to change tactics in order to revive the dialogue. US policy towards Venezuela and the opposition to Maduro regime may not change dramatically, as the democrat presidential nominee was one of the first US politicians to voice his support for Guaido’s interim presidency. The result of the US presidential election is still too early to call, although Joe Biden has been leading the polls, with the gap between two presidential candidates widening since June. However, if there is indeed the change of power in the White House, it could bring with it some fundamental shifts once again”, Gibson said.
Nikos Roussanoglou, Hellenic Shipping News Worldwide