在这场看似技术性的关税和费率之争中，最先感到寒意的，竟不是华盛顿或北京，而是隔着海峡观察风向的第三国公司。中国商务部在对美国展开"对等反 制"之后，紧随其后将韩华海洋在美国的5家子公司列入实体清单，禁止与中国进行任何交易。这一步落下，等于把围观者拉上棋盘：此前有企业为美国针对 中国物流与造船业的301调查提供游说与"实质性支持"，如今发现自己也被纳入反制范围。这种"点名到具体公司"的做法，把曖昧的产业立场转化为清晰的 风险敞口。 同步出手的算计 许多人以为中国对美国的新举措只是情绪性反击，细节却透露出另一种节奏。美国今年年初对中国的物流与造船业发起301调查，定性为"政府补贴导致不公 平竞争，压缩了美国造船业与航运业空间"。今年10月，美国方面发布了最终报告，决定对我国停靠美国港口的船舶加征特别费用，意在抬升中方航运成 本，借此把市场"拉回美国"。北京没有第一时间回应，而是"忍耐了几天"。这几天不是犹豫，而是在升级系统，调试口岸收费与信息化流程。等到10月14日 第一批美国船舶进港时，账单已可即时生成，加征后的"特别港务费"一分不差地落地。 第三国的突然上场 韩华海洋显然有过算盘。它一方面倚赖中国钢材与配套产 ...

Core Viewpoint - The Pacific Shipping has announced measures in response to the U.S. Trade Representative's (USTR) 301 investigation, which will impose port fees on Chinese-owned or operated vessels starting October 14, 2025. The company believes these fees will not apply to its operations and has taken steps to mitigate their impact [3][5]. Group 1: Regulatory Response - The USTR will impose port fees on Chinese maritime, logistics, and shipbuilding industries starting October 14, 2025 [3]. - The Chinese Ministry of Transport has announced a "special port fee" for U.S. vessels effective the same date [3]. - Pacific Shipping has proactively taken measures to reduce the impact of the USTR 301 port fees and has sought clarifications from U.S. and Chinese authorities regarding its vessels [3][5]. Group 2: Structural Changes - To mitigate the USTR 301 port fees, Pacific Shipping is implementing structural changes, including expanding its Singapore company structure and transitioning half of its owned vessels to Singapore-flagged ships [5]. - The company has completed the flag change for several vessels and will deploy only Singapore-flagged vessels for calls at U.S. ports during the fee's enforcement period [5]. - The strategic leadership and technical management of the Singapore-flagged fleet will be handled by the Singapore team, while maintaining a decentralized operational management structure globally [5]. Group 3: Financial Performance - In Q3 2025, the average net charter rate for the company's flexible vessels was $11,680, a decrease of 15% year-on-year, while the average rate for super-flexible vessels was $13,410, an increase of 10% year-on-year [7]. - The owned fleet, primarily fixed-cost, remains a key driver of profit growth, with cash break-even levels for flexible and super-flexible fleets at approximately $7,210 and $6,540, respectively [9]. - For Q4 2025, the company has locked in 72% and 87% of its operational day revenue for flexible and super-flexible fleets at average rates of $12,380 and $14,060, respectively [9]. - For 2026, 8% and 24% of operational day revenue for flexible and super-flexible fleets have been locked in at average rates of $9,790 and $13,200, respectively [9]. - The company's OP business performed well, achieving an average profit of $750 per operational day over 6,830 operational days in Q3 [9]. Group 4: Fleet Overview - Currently, Pacific Shipping operates 120 flexible and super-flexible vessels, controlling approximately 259 vessels on average, including leased ships [10].