The approved measures, set to be formally adopted in October 2025 before entry into force in 2027, will become mandatory for large oceangoing ships over 5,000 gross tonnage.

Even balanced against elevated levels earlier this year, total 2025 cargo volume could show a net decline of 15% or more unless the situation with tariffs changes.

The European Council estimated that 52,000-184,000 metric tons of pellets were spilled into surrounding environments in 2019.

The new executive order dovetails with a proposal by the U.S. Trade Representative to charge million-dollar fees on Chinese-built ships upon entry to a U.S. port.

While the U.S. is economically and diplomatically powerful, the country’s fleet of commercial ships is relatively small. 

The Office of the USTR held two days of public meetings to explore remedies intended to penalize ocean carriers that use Chinese-built ships and revive commercial shipbuilding in the U.S.  

In addition to the lapses in required approvals, the audit found that Panama Ports used a series of tax-exempt subcontractors to lower the amount it pays to the government.

The agreement could require all ships to pay a charge based on the greenhouse gases they emit, seen as a crucial source of funding for poor countries.

There’s been quiet optimism among those following the talks that, despite recent U.S. silence about potential new rules, Washington won’t derail the process.

The group signed six agreements, including on maritime transport cooperation to boost connectivity between South and Southeast Asia and disaster prevention.