Hanwha Shipping orders 10 MR tankers from its US shipyards

Hanwha Shipping has ordered the construction of 10 medium-range (MR) oil and chemical tankers from its US-based shipyards, along with one LNG carrier, according to a statement. The move marks what Hanwha says is the biggest commercial vessel order placed at a US-based yard in over 20 years. The first MR tanker is scheduled for delivery in early 2029, while the delivery timeline for the LNG vessel was not disclosed.

Will Trump’s shipbuilding dreams come true? Unlikely. The picture looks bleak for the US, despite its efforts to spur its own dwindling industry and crack down on China-built, owned, and operated vessels. The US produces just 0.1% of the world’s merchant vessels — down from 5% over 50 years ago — indicating the scarcity of supply chains or shipyards aside from a few naval facilities. High production costs and the lack of skilled labor are two other major issues.

South Korea has leveraged its shipbuilding industry to gain favor with Trump amid his tariff crusade. The South Asian industrial giant has secured a 15% tariff rate for its US-bound exports earlier in July, and, with its latest investment pledges in the US — including a mega Boeing order — the country could be set for a steady trade relationship with the US.

ICYMI- Hanwha Philly Shipyard secured a USD 250 mn order to develop an LNG carrier with 174k cbm capacity for Hanwha Shipping back in July, marking the US’ first LNG vessel order in almost 50 years. Still, most of the construction is slated to take place in Hanwha Ocean’s Geoje shipyard in South Korea.

At least 30 countries have suspended parcel shipments to the US, after the latter ended duty exemptions — known as de minimis — for packages worth USD 800 or less entering the country, CNN reports. Since last week, some 22 European countries, including Austria, Belgium, Denmark, France, Germany, Russia, Norway, Spain, and the UK, have suspended shipments to the US. They were joined by countries in Asia and the Pacific, namely Japan, South Korea, Taiwan, Australia, India, Singapore, Thailand, and New Zealand. The Trump administration had already halted the exemption for packages from China and Hong Kong back in May, The Guardian reports.

De minimis? De minimis is a legal term referring to matters too small to concern the courts and whose impact is arguably negligible. The Latin phrase directly translates to "the law does not concern itself with trifles.