Five U.S. subsidiaries of Korea’s Hanwha Ocean, including Hanwha Philly Shipyard, have been sanctioned by China as part of its response to the U.S. port fees on Chinese owned and built ships imposed under the Section 301 targeted action announced by U.S. Trade Representative Ambassador Jamieson Greer back in April.

Recruited just before China’s fresh sanctions on five Hanwha Ocean units amid rising Sino-US shipbuilding rivalry

China sanctioned five American subsidiaries of South Korean shipbuilding giant Hanwha Ocean on Tuesday (14 October), prohibiting Chinese organisations and individuals from conducting business with the firms.

China said it had started to collect the special charges on U.S.-owned, operated, built or flagged vessels but clarified that Chinese-built ships would be exempted from the levies.

Shipbuilding sources report that the South Korean government is carefully examining the Chinese trade ban on Hanwha Group’s five US subsidiaries. “It’s [the ban] is still in the early stages, so we can’t gauge what is happening,

The value of Bitcoin ( BTC -1.98%) continued falling today after China said it was putting restrictions on a major South Korean shipbuilder, Hanwha Ocean Co. The company has some naval contracts with the federal government and owns a shipyard in the U.S.

El Ministerio chino de Comercio dijo el martes que estaba prohibiría las transacciones de empresas chinas con cinco subsidiarias del constructor naval surcoreano Hanwha Ocean.