Provided by Dow Jones By Costas Paris The global shipping industry is hoping that President Biden's "America is back" declaration means the U.S. is returning to free-trade principles, and away from Trump administration protectionist policies that often dragged ocean vessels into efforts to enforce sanctions. The long-running trade dispute with China and sanctions on big oil producers like Iran and Venezuela have left shipping companies navigating a complicated and fast-changing web of financial and operating restrictions. This has left dozens of fully loaded ships idled for extended periods and their owners forced to scrap delivery contracts and pay high legal fees to avoid U.S. punitive actions.