And now not even their foreign subsidiaries are immune.
Overcapacity reigns as companies splurge on the largest ships, consolidation rages, no one wants to back off.
Years of “growth at any cost” led to accounting fraud, huge government bailouts, and murky restructuring plans.
Germany holds 25% of global shipping loans as industry collapses.
Bankruptcy reveals “opaque ownership.” And freight rates surge.
Orders plunge 87% from an already terrible 2015.
The pain will continue, with many more false-hope ups followed by brutal smack-downs, and more carriers cracking under their debt.
It “shatters the complacency” that TBTF carriers “are immune to failure”