On October 14, the United States, based on the so-called 301 survey results, officially implemented port charges and other restrictions in China's maritime, logistics and shipbuilding fields. The Chinese Ministry of Commerce on October 14 expressed strong dissatisfaction with this and resolutely opposed it, and on October 10 announced that it will charge special port charges for ships involving U.S. flags, U.S. made, U.S. companies owned, participated in or operated in U.S. elements.
China's Ministry of Commerce said in the announcement that the United States carried out 301 investigations on China's maritime, logistics and shipbuilding industry and took measures, seriously violating the basic norms of international law and international relations, seriously damaging the legitimate rights and interests of Chinese enterprises.Huawei Marine Corporation in the United States related subsidiaries assist, support the relevant investigation activities of the United States government, jeopardize our sovereignty, security, and development interests.In accordance with the relevant laws and regulations of the People's Republic of China anti-foreign sanctions law, the Chinese side decided to include five relevant US subsidiaries of Huawei Marine Corporation in the counter-list, and prohibit organizations, individuals in our country to conduct related transactions, cooperation and other activities.
According to the South Korean "Kyokounnews", on the 14th, the Hunan ocean stock price closing declined by more than 5%, the currency exchange rate of the Korean currency against the U.S. dollar broke the 1430 U.S. yuan, a five-and-a-half-month high.
South Korea's "Joongang Daily" said that China's inclusion of five subsidiaries of Hanwha Marine in the United States on the counter-list shocked South Korea's shipbuilding industry. South Korean industries are concerned that Beijing may put more pressure on South Korean companies deepening cooperation with the United States under the "Make American Shipbuilding Great Again"(MASGA) framework.
Hanwha Ocean said on the 14th that it had been informed of China's relevant decisions and said it was "closely evaluating its potential business impact." The report pointed out that the company has entered the U.S. market heavily in recent years, acquiring the Philadelphia Shipyard at the end of 2024, and announced an additional investment of US$5 billion in the United States in 2025. It is seen as an important move to promote "rejuvenate the U.S. shipbuilding industry" and enhance the strength of the U.S. Navy.
At present, China's measures are only aimed at Hanwha Ocean's subsidiaries in the United States, but the Central Daily News quoted industry insiders as saying that its impact may affect Korean parent companies and affiliated companies. If the Chinese side regards Hanwha Ocean's parent company as an "affiliated entity" of its subsidiaries, or Chinese companies begin to cut off ties with these companies, Hanwha Ocean's business in China will face great pressure.
The impact on the supply chain has also caused concern among South Koreans, as the shipbuilding industry is heavily dependent on parts and raw materials from China. An industry official told the Central Daily: “China has a large market share in pipelines, electrical systems and offshore equipment parts. If Beijing takes measures to restrict exports to South Korea, it could cause production plans to be delayed and cost increased.”
According to Yonhap News Agency, South Korea's presidential palace issued a statement on the 14th, saying: "In order to minimize the impact, we are communicating and responding through the launch of Korean-Chinese trade channels." It is difficult to predict at this point whether further sanctions will be imposed, but we will be watching (developments) closely." South Korea's Presidential Office said that since Hanwha Marine does not have much business dealings with China companies, the short-term direct impact seems to be limited, but it will assess the potential impact of China's countermeasures on the South Korea-US shipbuilding cooperation plan.