• China suspends special port fees on US vessels for one year.
• The suspension aligns with the US pause on similar fees.
• This marks a continuation of thawing relations post Xi-Trump talks.
• The shipping industry anticipates improved supply chain stability.
• Reciprocal measures include halting sanctions on US shipbuilders.

In a significant development in US-China relations, China has announced a suspension of its "special port fees" on US vessels for one year. This decision follows the United States’ similar pause on fees affecting Chinese ships, with both measures effective from November 10. The move brings relief to the shipping industry, which had faced uncertainty due to the escalating trade tensions, according to South China Morning Post, India Times, and Channel News Asia.

The suspension of these fees, effective from 1:01 PM local time, aligns with positive discussions held recently between the two nations' leaders. Both sides have been progressively rolling back punitive measures after the successful bilateral meeting in South Korea. "The decision to halt special port fees is another step in the gradual rollback of trade actions," the Chinese transport ministry stated, as reported by South China Morning Post and India Times.

In addition to suspending port fees, China also announced the suspension of sanctions on five US subsidiaries of Hanwha Ocean, a South Korean shipbuilder. These sanctions were imposed due to violations related to a US investigation into China's maritime practices. This suspension illustrates the broader trend of both countries seeking to ease trade restrictions, according to India Times and Channel News Asia.

The resumption of commercial activities, such as US soybean shipments to China, is expected to bolster dry bulk carriers, which had experienced a decline in voyages during earlier trade tensions. Shipping firms like Maersk have recognized the significance of these developments, stating that the agreement yields greater stability for supply chains, according to South China Morning Post and India Times.