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Royal Navy frigate HMS Somerset monitors merchant vessel Baltic Leader, which the Royal Navy said, was escorted by the Russia's Boikiy warship through UK waters, as part of a 3-day operation, in this undated handout image. Royan Navy/Handout via REUTERS
Hello Club Members! Here is your weekly Dispatch with all the maritime news you need to know to end your week.
Ship Photo of The Week
Royal Navy frigate HMS Somerset monitors the M/V Baltic Leader, which the Royal Navy said was escorted by the Russia’s Boikiy warship through UK waters, as part of a 3-day operation, in this undated handout image. Royan Navy/Handout via REUTERS
Top Stories
Tariffs, Takeovers, and Trump’s Maritime Makeover
It’s been a turbulent week in global shipping, with the industry scrambling to keep pace as President Trump fired off trade grenades, while billion-dollar port has the potential to reshape global terminal ownership and a new White House shipbuilding initiative aims to revitalize the U.S. maritime sector. If you blinked, you might have missed something—so here’s the essential recap of this week’s news in maritime.
Tariff Tit-for-Tat
The global shipping industry–responsible for moving 80% of world trade–is navigating choppy waters as President Trump’s latest trade salvos send shockwaves through supply chains. With fresh tariffs targeting Canada, Mexico, and China taking effect this week, plus threats towards the EU and a proposed $1.5 million entry fee for Chinese-built vessels docking at U.S. ports, uncertainty is the new normal for global trade.
The turmoil took center stage at this week’s S&P Global TPM conference in Long Beach, where shipping execs gathered to discuss supply chains—but found themselves scrambling as Trump escalates trade battles. Meanwhile, U.S. container imports are surging—but not from companies rushing to beat tariff hikes, according to one industry analyst. Others warn that an eventual slump in demand from front-loading could hammer freight rates.
Whether this week’s trade escalations mark a full-blown shift toward protectionism or just another storm to weather, one thing is clear: for global shipping, the forecast remains turbulent.
Wall Street to the Rescue: BlackRock’s $22.8B Port Play
Donald Trump has vowed to “take back” the Panama Canal from China—BlackRock just bought its way in instead. In a record-breaking $22.8 billion deal, Hong Kong-based CK Hutchison is offloading its global terminal empire, including its Panama Canal-adjacent ports, to a BlackRock-led consortium featuring Terminal Investment Ltd., the terminal arm of container shipping giant MSC Mediterranean Shipping Company.
Trump wasted no time claiming victory, calling it proof the U.S. was “reclaiming the Panama Canal.” Rather, it seems it was Wall Street, not Washington, that sealed the deal without the need for U.S. intervention. BlackRock CEO Larry Fink reportedly worked behind the scenes to pitch the White House on a private-sector fix, avoiding geopolitical fireworks while giving Trump a headline win.
Panama, however, isn’t rolling out the red carpet just yet. While CK Hutchison insists the sale is “purely commercial,” officials plan to review the details of the transaction. Meanwhile, the deal sets MSC up to leapfrog rivals to the top of the world’s top container terminal operator rankings—that is if regulators don’t throw a wrench in the plan.
Trump Charts New Course for U.S. Shipbuilding
President Trump is steering U.S. shipbuilding in a bold new direction. In a primetime address to Congress, he unveiled plans for a White House Office of Shipbuilding and a suite of tax incentives aimed at reviving America’s struggling maritime sector. The move, part of a broader push to counter China’s dominance in global shipbuilding, comes alongside an upcoming executive order packed with measures to bolster domestic shipyards.
With China now producing over 50% of the world’s ships—compared to fewer than five per year in the U.S.—Trump’s plan has drawn bipartisan support from lawmakers and industry leaders who warn of national security risks tied to America’s reliance on foreign-built vessels.
Whether these ambitious policies will truly jumpstart U.S. shipyards or remain just another splashy announcement remains to be seen. But for now, Trump has planted his flag on strengthening U.S. shipbuilding—and who could argue with that?
CMA CGM Bets Big on U.S.
U.S. President Donald Trump listens as Rodolphe Saade, CEO pof CMA CGM Group, speaks in the Oval Office, at the White House in Washington, D.C., U.S. March 6, 2025. REUTERS/Evelyn Hockstein
Fresh off President Trump’s shipbuilding announcement, French shipping giant CMA CGM announced it is doubling down on its U.S. operations with a $20 billion investment shipping and logistics over the next four years, aiming to boost port infrastructure, logistics, and U.S.-flagged fleet—and possibly even build containerships in American shipyards.
CEO Rodolphe Saadé, fresh off his Oval Office meeting with Trump, confirmed that CMA CGM is in talks with U.S. shipyards about constructing small-ish containerships, a rare move for an industry largely dependent on Asian shipbuilders. While nothing is finalized, Saadé hinted that an announcement could come “in the coming weeks.”
The broader investment plan includes 10,000 new American jobs, expanded port facilities, and a new air cargo hub in Chicago. The timing is significant, as the Trump Administration considers hefty port fees on Chinese-built vessels—a potential headache for CMA CGM, which operates some 274 Chinese-built, has 52% of its new ship orders placed in China, and participates in a vessel-sharing alliance (OCEAN Alliance) with several Asian shipping lines, including China’s state-owned COSCO.
If CMA CGM follows through on U.S. shipbuilding, it would be a milestone moment for revitalizing America’s struggling shipbuilding industry—and a win for Trump’s push to bring maritime manufacturing back home.
In Other News…
U.S. Declares Houthis a Terrorist Organization—Again
The U.S. State Department has re-designated Yemen’s Houthi movement (Ansarallah) as a Foreign Terrorist Organization (FTO), marking a return to Trump 1.0-era policy amid ongoing concerns over maritime security. The move follows over one hundred of Houthi attacks on commercial and military vessels in the Red Sea since late 2023, with the State Department citing threats to global trade, U.S. personnel, and regional stability as justification.
Unlike the previous administration’s lighter Specially Designated Global Terrorist (SDGT) label, this FTO designation imposes stricter financial restrictions, making it harder for the Houthis to access funding. While the Houthis haven’t launched an attack on shipping in some three months, Houthi officials have warned that hostilities could resume if Israel continues to block aid to Gaza. Despite the lull, shipping operators remain wary, with most still avoiding the Red Sea due to the ongoing security risks.
Houthis Cut Deals with Russia and China
Speaking of the Houthis, new U.S. Treasury sanctions this week exposed secret Houthi agreements with Russia and China, ensuring that their ships could sail the Red Sea without being targeted—while Western-linked vessels continued to face drone and missile strikes.
According to the Office of Foreign Assets Control (OFAC), senior Houthi leader Mohamed Ali Al-Houthi personally guaranteed safe passage for Russian vessels and has been in talks with Moscow for military aid. Meanwhile, Houthi spokesman Mohammad Abdulsalam has been arranging weapons deals with Russia and coordinating diplomatic missions to Moscow.
Perhaps most shocking, Treasury officials uncovered a Houthi-linked human trafficking operation, where Yemeni civilians were recruited under false pretenses to fight for Russia in Ukraine—a scheme funneling cash back to Houthi militants. The sanctions freeze U.S. assets of seven top Houthi leaders and threaten secondary sanctions on any financial institution doing business with them.
Mine Mystery Points to State Actor
A state actor is allegedly deploying naval mines against merchant vessels calling at Russian oil export hubs, according to a new threat assessment from maritime security firm Ambrey. Since December 2024, at least four tankers and one cargo ship have suffered severe hull damage from suspected underwater mine explosions.
Curiously, the attacks appear indiscriminate, affecting vessels carrying both Russian and non-Russian hydrocarbons—and none linked to the sanctioned “shadow fleet.” The mines, likely placed by divers using swimmer delivery vehicles, feature delayed fuses, allowing them to detonate days or weeks after attachment.
Russian authorities have responded with mandatory hull inspections, but Ambrey warns that mines could still be deployed post-departure, especially in the Black Sea. With rising maritime tensions and ongoing Russian strikes on Ukrainian ports, some fear an escalatory cycle could emerge. For now, higher War Risk Premiums seem inevitable for any ship heading to Russian ports.
Trump Eyes At-Sea Inspections to Choke Iran’s Oil Trade
The Trump administration is considering a plan to stop and inspect Iranian oil tankers at sea, using an international security framework to disrupt Tehran’s crude exports, according to sources familiar with the matter.
Targeting Iran’s “shadow fleet” of aging, uninsured tankers, the move is part of Trump’s renewed “maximum pressure” campaign, aimed at driving Iranian oil exports to zero. The inspections, which could take place in key chokepoints like the Malacca Strait, wouldn’t require outright seizures—as just delaying deliveries could cripple Iran’s revenue streams.
Officials are reportedly exploring whether the Proliferation Security Initiative—a U.S.-led coalition designed to stop weapons of mass destruction—could be leveraged to justify boarding Iranian tankers. However, no allied governments have publicly signed on yet.
Iran has retaliated against past U.S. tanker seizures in the past by hijacking foreign ships, and analysts warn that new enforcement actions could further escalate tensions in the Persian Gulf.
Canada’s First Polar Icebreaker in 60 Years to Be Built at Seaspan
A rendering of the heavy polar icebreaker for the Canadian Coast Guard (CCG). Photo courtesy Seaspan Shipyards
Seaspan Shipyards has secured a historic contract to build Canada’s first heavy polar icebreaker in over 60 years, reinforcing the nation’s Arctic presence and advancing its National Shipbuilding Strategy (NSS).
Slated for construction in April 2025 at Seaspan’s Vancouver Shipyards, the project is a massive economic boost, engaging 1,000+ local shipbuilders and over 800 Canadian suppliers, with Seaspan already contributing $5.7 billion to Canada’s GDP over the past decade. Officials say the vessel will strengthen Arctic sovereignty, support Northern communities, and enhance environmental protection.
For Seaspan, this marks its seventh ship under the NSS and solidifies its role as a leading Arctic vessel builder, backed by a $200M+ shipyard modernization investment.
EU’s TikTok Tactics Spark U.S. Maritime Backlash
Bipartisan leaders of the House Transportation and Infrastructure Committee have slammed the European Union for allegedly trying to influence U.S. maritime policy through social media. A newly discovered Foreign Agents Registration Act (FARA) filing, first reported by gCaptain, revealed the EU was funding “funny but informative” TikTok-style videos aimed at criticizing the Jones Act, a key U.S. maritime law.
In a strongly worded letter to EU Ambassador to the U.S., committee leaders—including Chairman Sam Graves (R-MO) and Ranking Member Rick Larsen (D-WA)—called out the campaign for attempting to bypass traditional diplomacy in favor of social media advocacy.
While the EU defended its actions as standard “outreach”, lawmakers warned that undermining the Jones Act—which supports U.S. shipbuilding and national security—via influencer-driven messaging could erode public trust. Their advice? Less TikTok, more diplomacy.
As always, we’d love to hear your feedback. Email [email protected] with any questions, comments, tips, or concerns. Don’t forget to check out the Club Discord and gCaptain.com for the latest maritime news.
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