The recent proposals concerning port fees could significantly transform US dry bulk imports and exports. The Q1 2025 Dry Bulk Market Report from Maritime Strategies International (MSI) highlights that the proposed rules lack clarity but may greatly influence North American dry bulk trades. A key aspect of these proposals mandates that a portion of US exports must utilize US-flagged and US-built vessels.
Under the new fee structure, a vessel controlled by a Chinese operator could incur a fee of $1 million for each visit to a US port. If the vessel is built in China, an additional $1.5 million fee would apply, bringing the total to $2.5 million per call. Furthermore, if the operator has other vessels either built in China or in the process of being built, another $1 million could be added, potentially totaling $3.5 million per port call.
Currently, less than 6% of dry bulk ships calling at US ports in 2024 are operated by Chinese companies. In contrast, companies from Greece, the US, and Japan dominate the market share. However, a significant proportion of dry bulk vessels are constructed in China, which may significantly impact operators engaged in US dry bulk trade.
In 2024, vessels built in China accounted for 38% of all US port calls, and 70% of the vessels calling had at least one Chinese-built ship in their fleet. The financial implications of the proposed fees are considerable. For example, a $1 million fee could disrupt freight costs notably, particularly for smaller vessels.
A shipment of 28,000 tonnes of wood pellets could see freight costs increase by approximately $35 per tonne, effectively doubling shipping costs from the US to Europe. While this may not directly decrease dry bulk demand, it could render US exports less competitive and shift the global fleet distribution. According to Will Fray from MSI, this scenario could lead to greater participation from Japanese bulker owners, but the heavy reliance on Chinese-built vessels could ultimately result in increased freight costs for US dry bulk shipping.