Warning on China's Port Fees
Harry Vafias, a prominent Greek shipowner, warns that China's newly announced port fees could have an "extremely high and unfair" impact on US-listed owners.
The costs would be extremely high and unfair given the short adaptation period.
According to the Chinese Ministry of Transport's announcement, the measures apply to vessels "owned or operated by enterprises in which US entities or individuals hold 25% or more of the equity." However, Mr. Vafias notes that the statement leaves room for ambiguous interpretation.
- The announcement's impact on US-listed shipping companies is unclear.
- Companies with 25% or more American shareholding or board seats may be affected.
Mr. Vafias' group of companies has three US-listed entities that are Greek, not American, adding to the uncertainty.
Author's summary: Harry Vafias warns of unfair impact of China's port fees.