The policy includes fees based on net tonnage for Chinese vessels entering U.S. ports, with gradual increases scheduled through 2028. Despite these trade headwinds, HSBC maintains a “Buy” recommendation for Yangzijiang, raising its target price to SGD3.80 from SGD3.30, citing the company’s margin expansion trajectory and potentially milder-than-expected contracting downcycle. A key factor in Yangzijiang’s positive outlook is the company’s recent contracting activity, which has helped to alleviate market concerns about potential USTR-related headwinds. The report also points to potential growth opportunities in dry bulk and tanker newbuilding as these sectors contend with aging fleets. The U.S. trade measures announced in April represented a scaled-back version of earlier proposals, including a fee remission pathway for operators who commit to purchasing U.S.-built vessels.