Image: Reuters

China’s stock market surged to its highest level in a decade on Thursday as Presidents Donald Trump and Xi Jinping met for the first time in six years, with a key outcome for the maritime industry being the suspension of recently imposed port fees by both nations.

The United States announced a postponement of higher port charges on Chinese-built vessels, a measure initially designed to counter Beijing’s dominance in global shipbuilding. The delay follows the reciprocal port fees introduced by both sides on October 14, marking the first instance in which port levies were used as geopolitical instruments rather than conventional trade tariffs.

“We’re going to postpone that while we negotiate with them about that issue,” said US Trade Representative Jamieson Greer aboard Air Force One after the Trump–Xi meeting in Busan on Thursday. “We’re trying to rebuild shipbuilding,” he added, signaling an effort to resolve the matter through dialogue instead of confrontation.

The newly imposed fees by Washington and Beijing were structured based on a vessel’s ownership, operation, flag, and place of construction, a framework that industry observers warned could blur definitions and create widespread uncertainty across the maritime sector.

Marine insurer Gard noted that unclear charterparty clauses might trigger disputes over payment responsibilities. “Owners will argue the fees arise because the vessel is ordered to that port, while charterers will say it’s due to the ship’s characteristics or ownership,” Gard stated in an advisory.

In response, industry groups have begun issuing guidance. Intertanko and BIMCO have released owner-friendly clauses addressing liability for US-imposed port fees, while updated provisions covering China’s reciprocal charges are reportedly under development.

Although the postponement provides temporary relief for shipowners, it does not settle the broader question of whether such differential port fees could become a lasting element of maritime trade policy. For now, attention turns to renewed negotiations — and whether the diplomatic thaw in Busan will endure long enough to ease tensions in one of the sector’s newest flashpoints, which has already driven two of Hong Kong’s largest shipowners, Pacific Basin and Seaspan, to relocate to Singapore to avoid the aggressive American levies.

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Edited by: Cofast News Editorial Team (According to Splash247)

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