Core Viewpoint - The implementation of China's special port service fee for U.S. vessels has led to significant changes in the shipping and logistics landscape, with companies adapting through rerouting and restructuring to maintain operational stability despite the absence of U.S.-flagged vessels in Chinese ports [1][3]. Port Operations - Major ports are operating smoothly, with no U.S.-owned shipping companies conducting business in Chinese ports since the policy took effect [3]. - The Guangzhou Port, a key gateway in South China, continues to maintain stable cargo and container throughput, ranking among the world's top ports [3]. Shipping Company Responses - Shipping companies have quickly adapted to the new regulations, with Maersk and other firms implementing rerouting measures to avoid U.S. flagged vessels docking at Chinese ports [6]. - Pacific Shipping is restructuring its operations by relocating part of its fleet to Singapore and changing the flag of its vessels to avoid the special port service fee [6][7]. Market Dynamics - The shipping market, particularly for bulk commodities, is expected to require time to adjust, but signs of stabilization are emerging [10]. - The overall supply of vessels remains sufficient, and there is no structural shortage, with charterers managing their shipping schedules to avoid market volatility [10]. Future Outlook - The recent discussions between China and the U.S. regarding maritime logistics and shipbuilding measures indicate a potential for constructive dialogue and resolution of trade issues [11]. - The adjustments made by shipping companies may lead to a more favorable market environment in the long term, as they seek clarity on regulatory changes and aim to minimize operational costs [10].

Core Viewpoint - The implementation of China's special port service fee for U.S. vessels has led to a significant reduction in U.S.-flagged shipping operations in Chinese ports, prompting companies to adapt through cargo transshipment and restructuring to maintain service continuity [1][2]. Group 1: Port Operations - Since the implementation of the special port service fee on October 14, there have been no U.S.-owned shipping companies operating in the Nansha port area, and overall capacity for U.S. routes remains stable [1]. - Major ports, including Guangzhou, report that operations are running smoothly despite the absence of U.S.-flagged vessels, ensuring continuous service for routes from South China to the U.S. [1]. Group 2: Response from Shipping Companies - Maersk has quickly adapted by transferring cargo from U.S.-flagged vessels to non-U.S. registered ships in third countries [3]. - Companies like Pacific Shipping are restructuring by relocating part of their fleet to Singapore and changing their flag to avoid the special port service fee [3][4]. Group 3: Market Dynamics - The shipping market, particularly for bulk commodities, is experiencing a period of adjustment, with cautious attitudes from both charterers and shipowners [5]. - As the special port service fee policy details evolve, the market is expected to stabilize, with a shift in focus towards supply and demand fundamentals rather than geopolitical risks [5]. Group 4: Future Outlook - There is an expectation that U.S.-based shipowners may gain a premium in the medium term, while Chinese-owned shipping companies are likely to benefit from resource supply chain security considerations [6]. - Ongoing U.S.-China trade discussions may lead to constructive solutions regarding maritime logistics and shipbuilding industry measures, indicating potential for future regulatory clarifications [6].

Core Points - The new regulations outline the collection of special port fees for vessels owned or operated by U.S. entities, effective immediately upon publication [2][3] - The regulations specify exemptions for certain vessels, including those built in China and empty vessels entering Chinese shipyards for repairs [4] - The fee structure is set to increase over the years, starting at 400 RMB per net ton in 2025 and escalating to 1120 RMB per net ton by 2028 [5][10] Summary by Sections Regulations Overview - The regulations consist of ten articles detailing the basis for implementation, scope of collection, standards, responsible parties, payment requirements, and penalties for non-compliance [2][9] Fee Collection Criteria - Vessels subject to the special port fee include those owned or operated by U.S. entities, those with 25% or more U.S. ownership, U.S.-flagged vessels, and vessels built in the U.S. [3] Exemptions - Vessels built in China, empty vessels entering Chinese shipyards for repairs, and other recognized exemptions are not required to pay the fee [4] Fee Structure - The special port fee will be charged at 400 RMB per net ton starting October 14, 2025, with a maximum of five charges per vessel per year [5] - The fee will increase to 640 RMB in 2026, 880 RMB in 2027, and 1120 RMB in 2028 [10] Compliance Requirements - Shipowners or agents must report vessel information to maritime authorities seven days prior to arrival at Chinese ports and pay the special port fee [6] - Non-compliance will result in the inability to process import/export procedures for the vessel [7][8]

Core Viewpoint - The Ministry of Transport of China has issued a notice regarding the implementation of a special port service fee for vessels from the United States, aimed at protecting China's shipping industry interests in response to U.S. trade measures [6][7]. Group 1: Background - The implementation of the special port service fee is a response to the U.S. Trade Representative's investigation into China's maritime, logistics, and shipbuilding industries, which will impose additional port service fees on Chinese-owned or operated vessels starting October 14, 2025 [7]. - This measure is seen as a legitimate action to safeguard the rights and interests of Chinese industries and enterprises, as well as to maintain fair competition in international shipping [7]. Group 2: Main Content - The "Implementation Measures for Special Port Service Fees for U.S. Vessels" consists of ten articles detailing the legal basis, scope of collection, collection standards, responsible entities, payment frequency, payment requirements, information verification, penalties for violations, dynamic adjustments, interpretation authority, and effective date [8]. - Vessels that are owned or operated by U.S. entities, or that are flagged or built in the U.S., are subject to the special port service fee, while certain exemptions apply to vessels built in China or those that only enter Chinese shipyards for repairs [2][8]. - The fee structure is set to increase over time, starting at 400 RMB per net ton from October 14, 2025, and reaching 1120 RMB per net ton by April 17, 2028 [3][8].

Core Viewpoint - The Ministry of Transport of China has issued a new regulation regarding the collection of special port service fees for vessels from the United States, which will take effect immediately. The regulation outlines the scope, standards, and procedures for fee collection, aiming to protect the interests of China's shipping industry [1][7]. Summary by Sections Regulation Overview - The regulation consists of ten articles detailing the basis for implementation, scope of collection, standards, responsible parties, payment requirements, information verification, penalties for violations, dynamic adjustments, interpretation authority, and effective date [1][7]. Fee Collection Criteria - Vessels that must pay the special port service fee include those owned or operated by U.S. entities, vessels with 25% or more U.S. ownership, U.S.-flagged vessels, and vessels built in the U.S. [1][2]. Exemptions - Exemptions apply to vessels built in China, empty vessels entering Chinese shipyards for repairs, and other vessels recognized as exempt [2]. Fee Standards - The fee structure is as follows: - From October 14, 2025: 400 RMB per net ton - From April 17, 2026: 640 RMB per net ton - From April 17, 2027: 880 RMB per net ton - From April 17, 2028: 1120 RMB per net ton [3][4]. Payment Limitations - A maximum of five voyages per vessel per year will incur the special port service fee, with the billing cycle starting on April 17 each year [5]. Reporting Requirements - Shipowners or agents must report specific information about the vessel to the maritime management authority seven days prior to arrival at a Chinese port [6]. Compliance and Penalties - Non-compliance with the fee payment will result in the maritime authority refusing to process import and export procedures for the vessel. Vessels that leave without paying must settle their dues before returning [8].

（原标题：中方对美反制，今起施行！） 来源：交通运输部 14日，交通运输部发布《对美船舶收取船舶特别港务费实施办法》。 《办法》共十条，自发布之日起施行，主要包括制定依据、收取范围、收取标准、收取主体、缴费航 次、缴费要求、信息核实、违规处理、动态调整、解释部门和施行时间等内容，进一步明确了由中国建 造的船舶、仅进入中国船厂修理的空载船舶，以及其他经认定予以豁免的船舶免予缴纳的具体规定。 《办法》对于船方或其代理人在船舶预抵中国港口前向海事管理机构通报信息等提出了具体要求。《办 法》明确收取范围、标准和起讫时间等将视情动态调整。 具体如下： 第一条 为落实对美船舶收取船舶特别港务费公告要求，根据《中华人民共和国国际海运条例》等法 规，维护我国航运业发展利益，制定本办法。 第二条 从事国际海上运输、靠泊中国港口并符合下列条件之一的船舶，船方或其代理人应当缴纳船舶 特别港务费： （一）美国的企业、其他组织和个人拥有船舶所有权的船舶； （二）美国的企业、其他组织和个人运营的船舶； （三）美国的企业、其他组织和个人直接或间接持有25%及以上股权（表决权、董事会席位）的企业、 其他组织拥有或运营的船舶； （四）悬挂美国 ...

Core Viewpoint - The Ministry of Transport of China has issued a notice regarding the implementation of a special port service fee for American vessels, aimed at protecting the interests of China's shipping industry in response to U.S. trade measures [1][11]. Group 1: Background - The implementation of the special port service fee is a response to the U.S. Trade Representative's office's announcement on April 17, 2025, which imposed additional port service fees on Chinese-owned or operated vessels, violating WTO rules and damaging Sino-U.S. maritime trade [12]. - The decision to charge the special port service fee is seen as a legitimate measure to protect the rights of Chinese industries and ensure fair competition in international shipping [12]. Group 2: Main Content - The implementation measures consist of ten articles detailing the basis for the fee, the scope of collection, standards, responsible entities, payment requirements, information verification, penalties for violations, and the possibility of dynamic adjustments [13]. - Vessels built in China, empty vessels only entering Chinese shipyards for repairs, and other exempted vessels are not required to pay the special port service fee [13]. - The fee collection will be managed by maritime authorities at the port of call, and vessels docking at multiple Chinese ports in a single voyage will only pay the fee at the first port [5][13]. - The fee structure is set to increase over the years, starting from RMB 400 per net ton in 2025, rising to RMB 1120 per net ton by 2028 [9].

Core Viewpoint - The Ministry of Transport has issued a new regulation regarding the collection of special port fees for vessels from the United States, which aims to protect the interests of China's shipping industry and outlines specific conditions and fees for compliance [1][2]. Summary by Sections Regulation Overview - The regulation consists of ten articles detailing the basis for implementation, scope of collection, standards, responsible parties, payment requirements, information verification, penalties for violations, dynamic adjustments, interpretation authority, and effective date [1][2]. Scope and Exemptions - The special port fee applies to vessels owned or operated by U.S. entities, those with 25% or more U.S. ownership, U.S.-flagged vessels, and vessels built in the U.S. However, vessels built in China, empty vessels entering Chinese shipyards for repairs, and other exempted vessels are not required to pay [2][3]. Fee Structure - The fee structure is as follows: - From October 14, 2025: 400 RMB per net ton - From April 17, 2026: 640 RMB per net ton - From April 17, 2027: 880 RMB per net ton - From April 17, 2028: 1120 RMB per net ton - A maximum of five voyages per year will incur the fee, with the billing cycle starting on April 17 each year [4][5]. Payment and Reporting Requirements - Shipowners or agents must report vessel information to maritime authorities at least seven days before arrival at Chinese ports and pay the special port fee [5][6]. Compliance and Penalties - Maritime authorities will verify the information of incoming vessels. Non-compliance, such as failure to pay the fee, will result in the inability to process import/export procedures for the vessel [5][6]. Dynamic Adjustments - The collection scope, standards, and effective dates of the special port fee may be adjusted based on circumstances [5][6].

Core Points - The Ministry of Transport of China has issued the "Implementation Measures for Special Port Fees for American Vessels," effective from October 14, 2025, outlining the collection of special port fees for vessels owned or operated by American entities [1][6] - The measures specify the conditions under which vessels are required to pay the fees, including ownership and operational criteria related to American entities [1][2] Summary by Sections Implementation and Scope - The measures consist of ten articles detailing the basis for implementation, scope of collection, standards, collection entities, payment requirements, and penalties for non-compliance [1][5] - Vessels that are owned or operated by American enterprises, or those that are flagged or built in the U.S., are subject to the special port fees, while certain exemptions apply [1][2] Fee Structure - The special port fee is structured as follows: - From October 14, 2025, the fee will be 400 RMB per net ton - From April 17, 2026, it will increase to 640 RMB per net ton - From April 17, 2027, it will rise to 880 RMB per net ton - From April 17, 2028, it will reach 1120 RMB per net ton [2] Payment and Compliance - Each vessel is limited to a maximum of five fee-paying voyages per year, with the annual billing cycle starting on April 17 [3] - Vessels docking at multiple Chinese ports in a single voyage will only pay the fee at the first port of call, and subsequent calls will not incur additional fees if they exceed five voyages in a year [3][4] - Shipowners or agents must report vessel information to maritime authorities seven days prior to arrival, and failure to comply will result in penalties [3][4] Dynamic Adjustments - The collection standards and scope may be adjusted dynamically based on circumstances, ensuring flexibility in the implementation of the measures [4]

Investment Rating - The report provides an investment rating of "Overweight" for the shipping and port industry, indicating a positive outlook compared to the overall market performance [16]. Core Insights - The report discusses China's implementation of special port fees for U.S. vessels as a countermeasure to the U.S. 301 tariff investigation, which is expected to create opportunities in the shipping sector [3][4]. - The special port fees will be charged based on net tonnage, starting at 400 RMB per net ton in October 2025 and increasing to 1120 RMB by April 2028 [10][11]. - The impact on shipping capacity is significant, as the number of affected U.S. vessels is limited, totaling 6445 ships with a combined deadweight tonnage of 52.87 million, representing 1.9% of the global fleet [5][6]. - The report highlights potential price increases in shipping rates due to the high costs of the new fees, which may not be offset by freight rates [10][12]. Summary by Sections Section 1: China's Countermeasures - On October 10, the Ministry of Transport announced the collection of special port fees for U.S. vessels starting October 14, 2025, targeting various categories of U.S.-owned or operated ships [3][4]. - The short implementation window may lead to operational challenges for vessels already en route to China, potentially causing disputes and inefficiencies in the market [4][5]. Section 2: Fee Structure - The fee structure is phased, with the initial charge set at 400 RMB per net ton, increasing to 640 RMB, 880 RMB, and finally 1120 RMB over the next few years [10][11]. - The report emphasizes that the fees are significantly higher than current freight rates, making it difficult for affected vessels to absorb these costs [10][12]. Section 3: Impact on Shipping Companies - The report identifies key shipping companies that may be affected, including those with significant U.S. ownership or operations, such as Star Bulk and Intl Seaways [7][8]. - It notes that the operational adjustments required to mitigate the impact of these fees could lead to inefficiencies and increased freight rates in the market [9][10]. Section 4: Comparison with U.S. 301 Tariff - The report compares the Chinese port fees with the U.S. 301 tariff measures, highlighting the potential for both sides to impact shipping operations significantly [12][14]. - It mentions that major shipping companies are already planning to adjust their global capacity to avoid additional costs associated with the U.S. tariffs [12].