Source: Market Information

(Source: Shipping Broker)

With the official implementation of China's measures to impose a "Special Port Dues Fee" on vessels related to the United States, Western shipping companies have quickly entered a self-audit and clarification mode. Several well-known shipping companies listed in the U.S. or with U.S. investors have recently issued statements emphasizing their "non-U.S. attributes" to avoid being misclassified as targets of the policy.

On October 10, the Ministry of Transport issued an announcement regarding the collection of special port dues fees for U.S.-related vessels. The announcement targets vessels owned by U.S. enterprises, organizations, and individuals; vessels operated by U.S. enterprises, organizations, and individuals; vessels owned or operated by enterprises and organizations that are directly or indirectly held by U.S. entities with 25% or more equity (voting rights, board seats); vessels flying the U.S. flag; and vessels built in the U.S. These fees will be charged per voyage, in stages, starting from October 14, 2025, April 17, 2026, April 17, 2027, and April 17, 2028, respectively, at rates of RMB 400, 640, 880, and 1120 per net ton.

In response, Star Bulk Carriers, a major dry bulk shipping company listed in the U.S., quickly addressed market concerns. The company emphasized that it is registered in the Marshall Islands, has its headquarters in Greece, and its fleet is primarily managed and operated by Greek personnel. It stated that "all of its vessels do not fly the U.S. flag and were not built in the U.S."

Although the company is listed on the NASDAQ in the U.S. (code "SBLK"), Star Bulk specifically noted, "The company only needs to comply with the U.S. Securities and Exchange Commission (SEC) information disclosure obligations due to its listing status and does not therefore become a 'U.S. entity'."

The SEC requires individuals holding more than 5% of Star Bulk's shares to report and publicly disclose their shareholding ratios. Star Bulk stated that, apart from beneficial ownership reports, the company cannot accurately verify shareholder identities—because the majority of shareholders hold shares through brokers, with their shares registered in "street names" accounts, making it impossible to verify based on other voluntary disclosure documents submitted by holders.

However, according to the information we have (including beneficial ownership reports submitted up to today), there is currently no indication that any U.S. or other nationality shareholders have disclosed direct or indirect ownership or control of 25% or more of Star Bulk's outstanding shares or voting rights. In fact, as far as we know, no U.S. shareholder has more than 5% beneficial ownership of Star Bulk's outstanding shares or voting rights. Additionally, we can confirm that American members on Star Bulk's board account for 18% of the total number of directors (2 out of 11).

Since merging with Eagle Bulk, Star Bulk has become one of the world's largest dry bulk shipping companies, controlling and operating 150 vessels, including Cape, Panamax, and Supramax ships. In the first half of 2025, the company achieved revenue of $480 million, but due to declining freight rates, net profit was only $501,000.

After Star Bulk, the Danish shipping group NORDEN also responded. In a statement submitted to investors, the company pointed out that previous reports by TradeWinds stating that U.S. investors hold over 80% of its shares were incorrect. The company is listed on the Nasdaq OMX exchange in Copenhagen, with the stock code "DNORD". As of the latest statistics, U.S. shareholders hold approximately 4.196 million shares, accounting for 14.6% of the total share capital.

According to the data, NORDEN is a leading global maritime service provider, established in 1871, and one of Denmark's oldest international shipping companies. The company has 19 offices across six continents and transports various sizes of bulk and project cargo.

In the tanker sector, DHT Holdings, Inc., headquartered in Bermuda, also issued an official statement clarifying that its fleet is not included in the scope of the "special port dues fee" charge.

DHT explained that each of its vessels is directly owned by non-U.S. entities, built in non-U.S. jurisdictions, does not fly the U.S. flag, and is operated by management companies located in Monaco, Norway, Singapore, and India. Approximately 20% of the company's board members are American.

DHT also acknowledged that, under the public company system, accurately defining the "ultimate beneficial owner" involves certain complexities. The company stated, "We usually learn about shareholder identities through publicly disclosed shareholding reports, which apply to any investor holding more than 5% of the company's common stock, or those who voluntarily disclose." However, because most shareholders hold shares through custodians or brokerage accounts, identifying the nationality of shareholders is not easy.

According to the current disclosed shareholding information, DHT emphasized that the company "has not found any U.S. investors or reporting groups directly or indirectly holding or controlling 25% or more of the company's issued shares or voting rights." Among the two existing U.S. institutional investors, Dimensional Fund Advisors LP holds approximately 7.2%, and FMR LLC holds approximately 15.1%, totaling less than the 25% threshold.

In the second quarter of 2025, DHT recorded revenue of $130 million and a net profit of $56.03 million, representing a 25.9% year-over-year increase. Its fleet of 22 VLCCs totals 7.16 million deadweight tons, with some on time charter and others active in the spot market.

Original article: https://www.toutiao.com/article/7561597809351279158/

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