中国征美船舶费，皇家加勒比危矣

Core Viewpoint - The Chinese Ministry of Transport announced a special port fee for U.S. vessels as a countermeasure against the U.S. imposing port fees on Chinese ships, effective from October 14, 2025 [2][20]. Group 1: Special Port Fee Details - The special port fee will apply to any vessel with over 25% U.S. ownership or flying the U.S. flag, regardless of the registration of the shipowner or operator [3][4]. - The fee will be charged per voyage based on net tonnage, starting at 400 RMB per net ton in 2025 and increasing to 1120 RMB by 2028 [4]. - For example, the Royal Caribbean's Spectrum of the Seas, with a net tonnage of 168,000 tons, could incur a maximum fee of approximately 67.36 million RMB per voyage [6]. Group 2: Impact on Royal Caribbean - The new fee structure could lead to an additional cost of around 1000 RMB per passenger for the Spectrum of the Seas, assuming it operates at full capacity for 76 voyages in a year [8][12]. - The policy includes safeguards, limiting the maximum fee to five voyages per year for each vessel, and only charging once for multiple port calls on the same voyage [7]. - The special port fee is expected to increase by 60% after October 2026, adding further financial pressure on Royal Caribbean [14]. Group 3: Broader Industry Context - Royal Caribbean faces additional challenges from U.S. tax scrutiny, as the U.S. government is pushing for stricter tax compliance from cruise companies registered abroad [17][21]. - The company is caught in a regulatory squeeze, with significant costs from the Chinese port fee and potential tax liabilities in the U.S. [22]. - The cruise industry is experiencing a complex geopolitical landscape, with the new port fee being part of a broader trend of increasing regulatory pressures [29][43]. Group 4: Operational Challenges - Adjusting port calls in response to the new fee could be a complex process, requiring significant logistical changes and advance planning [31][33]. - The operational impact of changing ports is substantial, as it affects scheduling, customer service, and overall operational efficiency [35][37]. - The new fee structure serves as a warning to other U.S.-owned cruise lines that have not yet operated in Chinese ports, highlighting the potential for increased costs in the future [39].