Cosco Shipping and its OOCL subsidiary incurred over US$42 million in port fees during the first week of new US penalties targeting China's maritime sector, reports New York's Journal of Commerce.

Vessel tracking data from Sea-web shows 15 Cosco and OOCL ships made US port calls between 14 and 20 October, triggering fees under the US Trade Representative's new schedule. The charges are $50 per net ton for Chinese-operated ships, escalating annually through 2028.

The Cosco Shipping Jasmine, a 13,800-TEU vessel, faced a $4.2 million fee, while the smaller 4,253-TEU Felixstowe incurred $1.2 million. Combined, the ships had net tonnage of 855,718, equating to $42.8 million in fees.

HSBC estimates the fees could reach $2.2 billion annually for Cosco and OOCL, representing five to seven per cent of their combined revenue. Cosco has criticised the fees as discriminatory but said it would not pass costs to shippers.

China United Lines also faced a $1.3 million fee for a single call. Other carriers, including Zim and Hapag-Lloyd, incurred smaller fees for operating Chinese-built ships, with Zim's charges estimated between $450,000 and $700,000.

Most carriers have redeployed tonnage to avoid the fees. CMA CGM's US-flag subsidiary APL received exemptions, while Atlantic Container Line faces $1.4 million per call due to vessel designation.

Consultancy BluSpark estimated the fee impact at $550 per container, while HSBC placed it closer to $600. Fully loaded, the 15 Cosco and OOCL ships averaged $657 per container.