The USTR is seeking to impose hefty fees on Chinese shipping companies and vessels carrying Chinese-made ships. Under the new plan, fees could reach up to $1 million (approximately 1.4 billion won) per vessel or up to $1,000 (around 1.44 million won) per ton of a Chinese ship's capacity every time it docks at a U.S. port. This latest move is part of the ongoing trade tensions between the U.S. and China, which have already seen the introduction of various tariffs and trade restrictions over the past few years.
The announcement has sent shockwaves through the global shipping industry, with immediate impacts on the stock market. On February 24, by 10:45 a.m., shares of HMM, a leading player in South Korea's shipping sector, surged to 21,200 won, marking a 13.55% increase from the previous day. At one point during the trading session, HMM's stock peaked at 21,650 won, reaching a new 52-week high. Other prominent Korean shipping companies saw similar gains, with Heung-A Shipping up by 8.52%, Korea Line Corp. increasing by 3.63%, STX Green Logis rising by 2.61%, and Taewoong Logistics gaining 2.53%.
The rise in Korean shipping stocks is largely attributed to the U.S. proposal, which has sparked investor optimism. Many believe that the new fees could create significant opportunities for non-Chinese shipping companies, including those based in South Korea, which may stand to gain market share previously dominated by Chinese competitors. This expectation has fueled a wave of buying activity, driving up the prices of stocks in South Korea's shipping sector.
The move is the latest chapter in the tense trade relations between the U.S. and China. Over recent years, the two nations have clashed over issues ranging from trade imbalances to intellectual property concerns, with both sides implementing a series of tariffs and other trade barriers.
