By Kate WoodhouseThe Associated PressWASHINGTON (AP) — The U.S. Commerce Department is expected to release preliminary estimates of shipping costs for cruise ships entering the U.N. World Trade Organization this week, which will be the first time the U,S.
and other countries will get a glimpse of how much the vessels cost the world’s largest exporters.
The estimates will come as a surprise to cruise ship makers, who are already reeling from the $14.4 billion loss in global cruise passenger revenue for 2017 and are still reeling from a $1.2 billion cruise ship loss in the fourth quarter of 2016.
The U’s cruise ship industry, which had seen a decline of about half in the last decade, lost $2.2 million in the third quarter of 2017.
The loss for 2016 was $1 billion.
In 2018, the U’s annual loss will be $5.2 and the U and other global shipping companies will be paying the United Nations more than $2 billion in damages, including $1 million to each of the countries of the U-boat ban treaty, which prohibits shipping of U.K.-flagged ships and allows the U to sue countries for blocking the sale of U-boats to the United States.
The new estimates will be released as the WTO’s World Trade Forum is scheduled to meet in late August.
The WTO is scheduled for its first session after the end of 2018.
In recent weeks, the United Kingdom has made its case to the WTO that its ban on U-bombs, which have been banned since 2014, is essential to the economic survival of the nation.