Media: US Charging "Port Fees" for Chinese Ships May Benefit South Korean Shipbuilding Industry
According to Yonhap News Agency, the Office of the United States Trade Representative announced on April 17 that it would charge docking fees for Chinese ships berthing at U.S. ports. The South Korean industry predicts that this move may allow the South Korean shipbuilding industry to benefit.
The report said that the Chinese shipbuilding industry had once gained orders with low prices and increased its global market share. The U.S. government's decision to charge docking fees for Chinese ships will inevitably have a negative impact on their price competitiveness. Industry insiders stated that the new U.S. shipping policy might instead benefit South Korean shipbuilding companies, especially high-value-added liquefied natural gas carriers, liquefied petroleum gas carriers, and ethane carriers are expected to see an increase in orders.
According to foreign media and industry information, "Capital Maritime," a shipping company under the Greek shipping tycoon Evangelos Marinakis, is in talks with Hyundai Heavy Industries Samho and Hyundai Mipo Dockyard regarding the construction of 20 ships, with a total contract amount of approximately $1.55 billion. According to shipping and maritime media "TradeWinds," China secured only 13 bulk carrier orders in the first quarter of this year, a sharp decrease of 90.9% year-on-year, setting a new low since 1993. "TradeWinds" analysis pointed out that the U.S. Trade Representative's plan to charge handling fees for Chinese ships docking at U.S. ports has affected China's bulk carrier order intake.
It is worth noting that after President Trump's second term began, the measures taken against China in the shipbuilding sector have been accompanied by growing cooperation potential with South Korea. Last November, when Trump was still a candidate, he spoke with then-South Korean President Yoon Suk-yeol, highly praising South Korea's excellent capabilities in military vessel and commercial ship construction, stating that the U.S. side needed to closely cooperate with South Korea on ship exports, as well as maintenance, repair, and operation.
South Korean industry insiders said that the current U.S. shipping measures against China are not merely sanctions but are interpreted as the U.S. aiming to restructure strategic supply chains with allies to develop its own maritime industry. In other words, South Korea's shipbuilding industry has seized a golden opportunity to gain a share in the U.S.-promoted shipbuilding development.
Original article: https://www.toutiao.com/article/1829829090865412/
Disclaimer: This article solely represents the author's viewpoint.