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.