China’s Ministry of Commerce on Tuesday, October 14, announced an immediate ban on organisations and individuals within China from engaging in any transactions, cooperation or related activities with five US entities of Korea’s Hanwha Ocean. 

The five US-linked subsidiaries of Hanwha Ocean subject to these countermeasures are Hanwha Shipping, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings and HS USA Holdings Corp, according to the ministry. Hanwha Ocean’s shares fell sharply after the announcement. 

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