shipping

China sanctioned five American subsidiaries of South Korean shipbuilder Hanwha Ocean on Tuesday, accusing them of supporting a US government investigation into the shipping industry, as tit-for-tat port fees took effect.

The charges - which China says aim to "safeguard its shipping industry" from "discriminatory" measures - apply to US-owned, operated, built, or flagged vessels but not Chinese-built ships, state media said.

But the lost packages, some of which have been reported destroyed, have cost the firm roughly $50,000 in refunds, not including the expenses they incurred in shipping and brokerage fees.

Experts say the relatively low cost of fossil fuels, like diesel, meant it was unlikely the shipping lines of the 1920s would make back the investment required to install them.

The stated purpose of the US port fees is to address Chinese dominance of the global shipping sector and provide an incentive for building more ships in the United States.