The company is repositioning itself to avoid the effects of the new port tariffs between the USA and China, while maintaining close ties with Chinese shipyards
Hong Kong – The container leasing giant Seaspan Corporation has moved its headquarters and over one hundred ships from Hong Kong to Singapore, in an attempt to mitigate the impact of the new port duty measures introduced by Beijing in response to US restrictions.
During the North Bund Forum in Shanghai, the chairman Bing Chen explained that, after the 2022 privatization and delisting from New York, the company’s US ownership share fell below 25%, the threshold that defines the application of the new Chinese tariffs. Chen emphasized that, while operating in a turbulent geopolitical context, excessive instability could compromise the sector: “The rougher the sea, the more valuable the fish, but if the waves are too high, no fish remain.”
According to Lloyd’s List Intelligence, as of October 20, at least 106 ships in the Seaspan fleet have changed flag, about 40 more than in September. Pacific Basin has also adopted a similar strategy, reorganizing its headquarters and governance to avoid impacts from both sides of the Pacific.
Despite the move, Seaspan reiterates its strong bond with China: in the last four years it has ordered or built 170 ships, of which 158 in Chinese shipyards, for over 20 billion dollars, confirming Beijing’s centrality in its industrial and commercial strategy.
