China suspends countermeasures against 5 U.S.-linked subsidiaries of Hanwha Ocean

(ECNS) -- China's Ministry of Commerce on Monday announced a one-year suspension of countermeasures against five U.S.-linked subsidiaries of Hanwha Ocean, a leading shipbuilding enterprise from South Korea.

The five U.S.-linked subsidiaries of Hanwha Ocean are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp., according to a previous announcement by the ministry.

The suspension took effect the same day.

The move came after the U.S. announced the suspension, for one year, of the implementation of Section 301 investigation measures aimed at China's maritime, logistics and shipbuilding sectors.