Just Days Away from Losing Tens of Millions of Dollars! Copper-Laden Ships Race Toward U.S. Ports

July 23 – According to Cailian Press, with August 1 fast approaching, multiple bulk carriers carrying copper ore are racing toward nearby U.S. ports. For the cargo owners of each vessel, arriving just a few days earlier could translate into tens of millions of U.S. dollars in additional profit.

On July 8, U.S. President Trump announced that a 50% tariff would be imposed on imported copper starting August 1. Since then, copper prices in New York have continued to rise, significantly boosting the profit margins for traders capable of delivering copper into the U.S. before the deadline.

Currently, copper futures on the London Metal Exchange are priced at approximately USD 9,900 per ton. A 50% tariff would require U.S. buyers to pay an additional USD 4,950 per ton in customs duties. In theory, traders who complete the import within two weeks could realize profits nearly equivalent to the tariff cost. It is reported that at least four vessels carrying copper are en route, attempting to reach U.S. ports before August.

While Kpler could not confirm the ownership of the cargo, it mentioned that previous shipments from the same port to the U.S. contained copper from Glencore’s Mount Isa mine.
Port data show that the Kiating originally planned to unload in New Orleans, Louisiana. However, following the tariff announcement by Trump, the vessel changed its destination to Hawaii, shortening its voyage by nearly 20 days and increasing the chances of customs clearance before August. Nonetheless, even if the vessel arrives on time, the cargo owner must expedite the customs clearance process. Kpler analyst Ben Ayers stated that given Hawaii is not a routine destination for such cargo, the efficiency of customs processing remains uncertain.

In Latin America, three additional vessels carrying Chilean copper are heading toward U.S. ports. The Louise Auerbach is currently near Buenaventura, Colombia and is expected to reach Tampa, Florida on July 28. The BBC Norway is in Panama, and the BBC Campana is anchored off the northern coast of Chile. The voyage from northern Chile to southern U.S. ports typically takes between 10 to 15 days. As a reference, a typical 15,000-ton bulk carrier that clears customs before the copper tariff takes effect could potentially generate more than USD 70 million in profit margin.

Since the U.S. began investigating copper imports in February this year, traders such as Glencore, Mercuria Energy, and Trafigura have shipped large volumes of copper to American ports. According to experienced industry sources, this “tariff trade” has enabled these companies to secure extraordinary profits rarely seen before.

These companies are now awaiting critical details of the copper tariff, such as whether a grace period—similar to that granted for previous steel and aluminum tariffs—will be applied to vessels that departed prior to the effective date. An even greater uncertainty is whether the tariff itself will undergo any further revisions.