Genco CEO Warns That Trump’s Shipping Fees Will Impact Farmers More Than China

By Ilena Peng (Bloomberg) — Genco Shipping & Trading Ltd., the leading dry bulk shipping company in the U.S., is gearing up to adapt if new fees targeting Chinese vessels are implemented. CEO John Wobensmith shared insights during a chat on Bloomberg Television, emphasizing that their fleet primarily consists of ships built in china, with none constructed domestically.

Wobensmith mentioned that should these tariffs come into play, Genco has a couple of strategies ready. “We can either relocate our ships to other markets; global trade is vast,” he explained. Currently, only 10% of their revenue stems from U.S. operations, while a whopping 90% comes from international waters.“Alternatively, we might just pass those costs down to consumers,” he added.to prepare for potential tolls or port charges, Genco has already included specific clauses in its contracts that shift responsibility for these fees onto end users. Wobensmith warned that freight rates are bound to rise nonetheless and will ultimately affect cargo owners and consumers alike.

This situation could especially hit American soybean farmers hard—already grappling with tariffs on exports to China and stiff competition from Brazil along with rising production expenses. He cautioned that additional port fees could render U.S.-grown soybeans less competitive globally, perhaps stalling exports significantly.

On the topic of domestic shipbuilding capabilities for dry bulk transport, Wobensmith expressed skepticism: “There really aren’t suitable options available.” while he supports efforts to boost U.S. shipbuilding and revive local shipyards—a process likely requiring decades—he believes it shouldn’t be directly tied to current tensions with China.

“Strengthening our industry is an admirable goal,” he concluded thoughtfully. “But let’s not conflate it with geopolitical issues.”

© 2025 Bloomberg L.P.
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