Economy
WSC: Analysts Warn Of Trade Risks From U.S. Port Fees
WSC: Analysts Warn Of Trade Risks From U.S. Port Fees
WSC: Analysts warn of trade risks from U.S. port fees. Shipbuilding experts said the policy, if implemented, could affect 98 per cent of ships calling at U.S. ports.
Analysts have raised concerns over U.S. President Donald Trump’s proposed $30 billion shipbuilding policy, warning it could pose significant challenges to global trade.
The initiative, aimed to revive America’s declining shipbuilding sector, includes a controversial plan to impose port fees on Chinese ships and non-Chinese operators of Chinese-built vessels.
Speaking during a global trade virtual session on Friday, shipbuilding experts said the policy, if implemented, could affect 98 per cent of ships calling at U.S. ports.
According to the World Shipping Council (WSC), this could lead to container cost increases of $600 to $800 per unit, reducing U.S. competitiveness and transferring the burden of higher port taxes to energy-cargo shippers via charter parties.
Sam Cho, commissioner of the Port of Seattle and a managing member of the Northwest Seaport Alliance, noted that carriers might be forced to consolidate their shipping routes to major ports like Los Angeles and Long Beach.
He warned that the resulting congestion could cause truck driver shortages, overstocked warehouses, and supply chain paralysis.
“For less significant ports and smaller shipping companies, this could mean an existential threat.
“Of the 103 U.S. ports, 95 are small- to medium-sized, handling fewer than one million twenty-foot equivalent units annually,” Mr Cho said.
Bruce Burrows, president and CEO of the U.S. Chamber of Marine Commerce, estimated that smaller vessels had already seen shipping costs increase by 100 to 500 per cent since March 2025.
He added that the chamber projected the potential loss of 26,000 American jobs in industries dependent on affordable shipping and $4 billion in related economic activity.
“The first to bear the brunt, if implemented, would be U.S. ports, which handle about 40 per cent of the country’s goods trade and support more than 21 million jobs.
“To avoid multiple charges, carriers would limit their port calls, concentrating traffic in a few major hubs,” Mr Burrows said.
Joe Kramek, president of the World Shipping Council, warned that the proposed fees could double transportation costs for U.S. exports. He said higher port charges would particularly impact grain shippers, lowering the prices farmers receive.
“If the U.S. plans to replace these vessels with domestically flagged and built ships, the ships simply do not exist—nor does the shipyard capacity to build them,” Mr Kramek added.
Ernie Thrasher, CEO of Xcoal Energy & Resources, noted that bulk shipments already face difficulties securing bookings.
“Agricultural exporters are struggling to secure ships beyond May. Vessel owners are refusing to offer future bookings for U.S. coal shipments due to the proposed fees,” he said.
Daniel Blazer, whose company operates about half of the short sea shipping service between Mexico and the eastern U.S., said two of his three vessels were built in China.
WSC
“If forced out of operation, we would need an additional 1,000 trucks per week to move goods across the U.S.-Mexico border, worsening congestion, straining highway infrastructure, and increasing security risks,” he explained.
Meanwhile, Guy Platten, secretary-general of the International Chamber of Shipping, said 35 per cent of vessels servicing U.S. maritime trade routes built in China were owned and operated by companies in U.S. trading partner countries.
“Imposing fees on these vessels would not only affect China’s shipbuilding sector but could also seriously disrupt U.S. maritime supply chains,” Mr Platten said.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
-
Crime11 months agoKogi Assembly Considers Law To Regulate Rent, Establish Control Board: Tenancy Law
-
News12 months agoAtiku Reveals Why He Failed To Pick Wike As Running Mate In 2023
-
Akwa Ibom1 year agoThe Apostolic Church Gets New Territorial Chairman, Exco
-
Crime1 year agoFederal High Court Jails 2 For Vandalizing Transformer, Telecom Mast In Kogi
-
News1 year agoThe Apostolic Church Gets New National President, Executive
-
Akwa Ibom1 year agoUmo Eno Commences Payment Of 80,000 Naira Minimum Wage With Arrears
-
News1 year agoSenator Natasha Returns To Senate With Husband Amid Seat Dispute
-
Economy10 months agoKiyosaki: Is Tinubu’s Government Afraid Of Ibrahim Traore?