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 Chinese Ministry of Transport's announcement states that the measures apply to vessels "owned or operated by enterprises in which US entities or individuals hold 25% or more of the equity."
The costs would be extremely high and unfair given the short adaptation period.
- Sources note that if Americans hold 25% or more of a company's shareholding or board seats, the firm could be affected by the Chinese proposal.
- Mr. Vafias' group of companies has three US-listed entities that are Greek, not American, adding to the ambiguity.
Author's summary: Harry Vafias warns of unfair impact of China's port fees.
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