China and the United States have simultaneously suspended the imposition of port fees on each other's vessels starting November 10. This move follows the easing of economic and trade frictions between the two countries after the China-U.S. leaders' summit in Busan on October 30. China's Ministry of Transport suspended the collection of the “special port fee” on U.S. vessels for one year starting at 1:01 p.m. that day. while the U.S. announced on the 9th (Eastern Time) a one-year suspension of Section 301 investigations targeting China's shipping, logistics, and shipbuilding industries. This brought an end to the tit-for-tat imposition of vessel fees that began on October 14, finally offering relief to the hard-pressed shipping sector.

  Meanwhile, China's Ministry of Commerce announced that day a one-year suspension of sanctions against five U.S. subsidiaries of South Korea's shipbuilding giant Hanwha Ocean. Beijing had previously accused these companies of cooperating with the U.S. Section 301 investigation, which fueled American allegations of “unfair advantages” in China's shipbuilding sector.

  However, the shipping industry's respite proved short-lived. Freight forwarders like Tai Hua noted that while the suspension eases vessel scheduling flexibility, uncertainties surrounding U.S.-China trade and tariff policies persist. Whether both sides will reinstate fees if negotiations stall in the coming year remains unpredictable. A greater challenge stems from market fundamentals: mounting global economic headwinds, weak consumer demand in the U.S. and Europe, and the traditionally slow fourth-quarter shipping season in those regions. The shipping industry is awaiting the first wave of shipments following the conclusion of the holiday season in the U.S. and Europe. with shipment momentum expected to strengthen from mid-December to January next year. While finalized tariffs between the U.S. and multiple Asian nations may reduce export costs and boost shipments on U.S. routes before the Lunar New Year, overall market conditions remain severe. The National Retail Federation projected on the 7th that import volumes at major U.S. ports will decline by 14.4% and 17.9% year-on-year in November and December, respectively.

  Regarding freight rates, the Shanghai Containerized Freight Index (SCFI) indicates that shipping prices on major Asian routes saw a short-term uptick in the latter half of October, reflecting carriers' capacity adjustments and a temporary improvement in market supply-demand dynamics. However, rates on Europe and U.S. routes reversed course and declined again in the first week of November. Shipping lines plan another rate hike on the 15th. Freight forwarders anticipate a “short-term rebound in freight rates,” but persistently high U.S. tariffs will continue to suppress imports from China. Whether this rate increase translates into actual cargo volume and revenue growth remains to be seen.

  The oversupply of shipping capacity also persists. According to Alphaliner statistics as of November 7, the global container ship fleet reached 7,449 vessels, an increase of 24 ships from a month earlier. Global capacity exceeded 33.3738 million TEU, an increase of 175,300 TEU. Under multiple pressures, the shipping industry faces significant challenges in its recovery and the rebound in cargo volumes. A substantial short-term rebound in freight rates remains difficult.