WILMINGTON TRUST COMPANY AS TRUSTEE

U.S.-based military shipbuilder Huntington Ingalls and HD Hyundai Heavy Industries (HHI) have signed a memorandum of understanding (MoU) today to explore opportunities to collaborate on accelerating ship production in support of defense and commercial shipbuilding projects.This strategic partnership aims to leverage the combined expertise and resources of both companies to advance technological innovation, maximize production efficiency, and strengthen the global defense industry.The efforts applied under the MoU aim to increase the collective maritime industrial base strength of both the U.S. and South Korea.

Eastern Shipbuilding Group (ESG) has officially begun construction on the U.S. Army Corps of Engineers' (USACE) new medium class hopper dredger with a ceremonial steel-cutting event.The vessel is being built at ESG's Allanton and Port St. Joe facilities and is scheduled for delivery in 2027.ESG is collaborating with Royal IHC on the design.USACE's new hopper dredger will be able to load up to 15% more efficiently, reducing fuel consumption and environmental impact, with an ECO Control Package that includes high-end controls for trail speed, dredge pump and draghead vizor.

On Friday, China announced a tariff increase of 34% on all US imports, in retaliation to the new tariffs announced by US President Donald Trump. These are in addition to tariffs implemented in February and March, focusing on goods such as grains, coal, LNG and crude oil.In 2024, China was the third largest importer of US exports (measured by value), accounting for 7% of US exports. Chemicals, computer and electronic products, agricultural products, transportation equipment and oil and gas made up 18%, 14%, 13%, 13% and 9% of the value of US exports to China.

The UK Marine Accident Investigation Branch (MAIB) has published a time line of the collision between the Portugal registered container ship Solong and the US registered oil/chemical tanker Stena Immaculate.The collision resulted in one fatality, 14 nautical miles north-east of Spurn Head at the entrance to the Humber Estuary, England, on March 10, 2025.On 27 February 2025, the Stena Immaculate departed Agioi Theodoroi, Greece, with a cargo of aviation fuel. The tanker was bound for Killingholme, England, and was expected to berth on March 11, 2025.Solong was engaged in fixed trade in the North Sea, sailing between Rotterdam, Grangemouth and Hull.

The global economy is bracing for renewed turbulence following U.S. President Donald Trump’s announcement on Wednesday of sweeping new tariffs, triggering fears of a global trade war and sparking immediate market and political reactions.According to the White House, the new measures include a 10% minimum tariff on most imported goods, with certain products - particularly those from major U.S. trade partners like China, South Korea, Japan, and the European Union - facing duties as high as 25%. Oil, gas, and refined petroleum products have been exempted from the tariffs for now, though the broader economic fallout is expected to be significant.Impact on U.S.