Warning on China's Port Fees
Prominent Greek shipowner Harry Vafias warns of "unfair" and high-cost impact if China's port fees hit US-listed owners.
Speaking to Riviera, Mr. Vafias noted that the Chinese Ministry of Transport's announcement leaves room for ambiguous interpretation.
The costs would be "extremely high and unfair" given the short adaptation period.
The statement specifies that the measures apply to vessels "owned or operated by enterprises in which US entities or individuals hold 25% or more of the equity."
- Sources monitoring the US stock market noted that if Americans hold 25% or more of a company's shareholding or board seats, the firm could fall foul of the Chinese proposal.
Author's summary: Harry Vafias warns of unfair costs.