Seoul, Nov. 11 -- Hyundai Glovis Co., South Korea's largest car carrier, has received a major relief after the United States government decided to suspend its vessel port-entry fee sanctions for one year. The decision spares the company from an annual burden of around 200 billion won (USD 137.2 million), as per a report by Pulse, the English service of Maeil Business News Korea, on Monday.

The U.S. Office of the Trade Representative (USTR) had earlier imposed a port-entry fee of USD 46 per net ton on car carriers built outside the United States. The measure, which began on October 14, was aimed primarily at Chinese-made vessels. However, following a trade truce between Washington and Beijing earlier this month, the U.S. formally announce...