One of the world’s critical choke points for maritime traffic.
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.
Germany holds 25% of global shipping loans as industry collapses.
It “would have a very negative effect on our business”: Maersk CEO
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”
Bad breath of zero-interest-rate era wafts over real economy.