The President of the U.S., Donald Trump, has signed an executive order seeking to “restore American maritime dominance” as uncertainty lingers over the global shipping market amid geopolitical tensions and the U.S.-China maritime rivalry. The latest developments seem to be taking a toll on Chinese shipyards as well, with newbuild orders declining in favor of South Korean yards.

Donald Trump’s newly unveiled tariffs and pending decisions on the Office of the United States Trade Representative (USTR) proposed port fees to Chinese vessels raise concerns in the global shipping market which is reflected in last week’s orderbook.