COSCO Shipping could face up to $1.5 billion in additional costs next year due to new US port tariffs, according to HSBC Global Investment Research.
According to HSBC, customs duties on Chinese ships due to come into force on October 14th will impose an additional cost of $600 per FEU on Chinese shipowners for each call at US ports by boxships of at least 10,000 TEUs.
The levies in the plan developed by the United States Trade Representative (USTR) target ships built, operated, or owned by China.
According to HSBC, 71% of global container shipping capacity comes from ships not built in China. However, these account for only 21% of transpacific and transatlantic capacity and only 15% of US port calls in 2024 in terms of tonnage.
Translation by Giles Foster
