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6h ago

China Blacklists Five U.S.-Linked Hanwha Ocean Units as Reciprocal Port Fees Take Effect

Beijing frames the move as a response to the U.S. Section 301 investigation into Chinese shipbuilding.

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The United States launched a probe into China's shipping industry

Overview

  • China's commerce ministry barred Chinese entities from transactions with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp.
  • The sanctions were announced as China’s new port fees on U.S.-linked vessels and U.S. fees on Chinese-linked ships started the same day, with China exempting vessels it built.
  • China’s transport ministry opened a probe into the impact of the U.S. Section 301 actions on China’s shipbuilding industry and signaled potential further retaliation.
  • Hanwha Ocean shares fell about 5–6% in Seoul trading following the announcement, and peer HD Hyundai Heavy Industries also declined.
  • South Korea said it activated trade channels to limit damage, as the list includes Hanwha Philly Shipyard, a key U.S. asset acquired in 2024 with a $5 billion investment plan.