Ge Long Hui·2025-10-14 02:26Core Viewpoint - The Ministry of Transport of China has announced the implementation of port service fees for American vessels starting from October 14, in response to the U.S. imposing port fees on Chinese ships. This move is expected to create upward pressure on freight rates, particularly for very large crude carriers (VLCCs) [1]. Shipping Industry Impact - Goldman Sachs anticipates that the effective capacity in the shipping industry may experience temporary disruptions, which could lead to increased freight rates, especially for VLCCs [1]. - Existing supply shortages, enhanced U.S. sanctions on shadow fleets raising the demand for compliant tankers, and China's crude oil stockpiling are contributing factors that are driving up VLCC freight rates [1]. Company Beneficiaries - China Merchants Energy Shipping Company (COSCO) is expected to be a major beneficiary due to its significant exposure to VLCCs [1].