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Last week President Donald Trump signed an executive order partially reversing the 25% tariffs

Last week President Donald Trump signed an executive order partially reversing the 25% tariffs on Canada and Mexico, just two days after imposing them. This sudden policy shift, exempting goods covered under USMCA, highlights the chaotic and unpredictable nature of U.S. trade policy. Amid this volatility, a proposal by the U.S. Trade Representative (USTR) to impose tariffs on all ships built in China has further unsettled the global shipping industry, raising concerns about rising costs and supply chain disruptions. Against this backdrop, CMA CGM’s $20bn investment in U.S. maritime infrastructure emerges as a significant move, aligning with Trump’s push to revive domestic shipbuilding and secure U.S. economic and geopolitical interests in the shipping sector. In a high-profile White House announcement, CMA CGM CEO Rodolphe Saadé committed to a $20bn investment in U.S. shipping and logistics, promising to create 10,000 jobs over the next four years. This ambitious plan includes expanding container terminals, building an air cargo hub in Chicago, acquiring five new Boeing 777 freighters, and tripling the number of U.S.-flagged ships operated by the company’s subsidiary, APL. Trump, seizing the moment, reaffirmed his commitment to reviving U.S. shipbuilding, vowing to launch a new government program to build "the largest ships in the world"—a move that could disrupt global shipping, particularly for Chinese-built vessels. The administration’s stance suggests potential policy shifts that could favor U.S. shipbuilding while penalizing foreign-built ships, likely leading to higher costs and logistical challenges for international shipping operators. Additionally, uncertainty looms as potential port fees on Chinese-built ships remain under consideration, raising concerns about supply chain disruptions and rising freight costs. CMA CGM’s commitment signals strong private sector support for U.S. maritime infrastructure, but questions remain about the feasibility of large-scale shipbuilding in the U.S. and the broader impact of protectionist policies on global trade dynamics. As these developments unfold, the shipping industry braces for a reshaped competitive landscape, with far-reaching implications for both domestic and international players.

But lets see how exposed is Greek shipping to American intentions to hit the Chinese shipbuilding industry. An analysis of the Greek shipping fleet and orderbook reveals a significant and growing reliance on Chinese shipbuilding. This trend is particularly evident in the bulk carrier & general cargo sectors (for vessels ≥ 10,000 DWT), where 43% of the existing fleet is built in China. Notably, of the 168 bulk carrier vessels currently on order, 135 are being built in Chinese shipyards, while mere 33 vessels are under construction in other countries. In the tanker sector, the trend persists, albeit to a slightly lesser degree. 26% of the Greek tanker fleet are built in Chinese shipyards. The orderbook further emphasizes China's influence, with 216 out of 288 tankers on order being built in China. The container sector demonstrates the most pronounced dependence on Chinese shipbuilding. 30% of the current Greek container fleet is built in China. This figure is amplified by the fact that all 46 container vessels currently on order are being constructed in Chinese shipyards. Conversely, the gas carrier sector exhibits the lowest reliance on Chinese shipyards. Only 4% of the existing Greek gas carrier fleet is Chinese-built. Moreover, of the 100 gas carriers on order, only 7 are under construction in China. Greek shipowners don’t prefer Chinese yards for this specialized sector, possibly due to technological requirements, long term relationships with specific shipyards, & strategic considerations.

S&P activity:

Dry:

On the Capesize sector, the “Mount Song”- 180K/2010 Koyo was sold for USD 27.5 mills, while the “Mount Austin” - 179K/2010 Mitsui was sold for USD 27.5 mills to Chinese buyers. On the Ultramax sector, the “Kmarin Oslo” - 63K/2015 Jiangsu New Hantong was sold for USD 22 mills. The Ice Class 1C conventional M/E Supramax “Federal Lyra” - 56K/2014 Mitsui found new owners for USD 18.5 mills. Finally, the Handysize “Seastar Merlin”- 40K/2025 Naikai Zosen was sold for USD 34 mills to Korean buyers basis delivery ex-yard within May 2025, while the OHBS “Jaunty Jenny” - 34K/2012 Shin Kurushima changed hands for USD 13 mills.

Tanker:

On the VlCC sector, Chinese buyers acquired the “Yinghao Spirit” - 296K/2009 Bohai yard, for USD 52 mills. The Aframax “Red Sun” - 115K/2008 Sasebo and the “Capricorn Sun” - 116K/2007 Sasebo were sold for USD 61 mills enbloc to clients of WYW Marine. Moreover, on the same sector, the “Quetta”- 107K/2003 Imabari and the “Lahore” - 107K/2003 Imabari were sold for USD 18 mills each. Last but not least, on the MR2 sector, the “Marlin Amber”- 50K/2015 CSSC changed hands for USD 30 mills.

Xclusiv Shipbrokers Inc.