Shipowners have begun replacing their Chinese leases, bankers confirm

• Owners fearing exposure to US port fees are in the process of refinancing Chinese leases; owners of Japan and South Korea-built ships reportedly doing so ‘immediately’
• Some charterers are refusing to book ships with a Chinese nexus even if a US voyage would clearly be exempt from port fees, such as a call while in ballast
• Bankers speaking at Marine Money expressed concern about margin competition and looser credit structures that could theoretically be ‘a recipe for disaster’