The shipping industry has been buffeted by storms recently, causing a wave of consolidation and affecting the legal services required. While shipping lawyers have adapted to the changing tides, the future is shrouded in fog.
The past few years have been among the worst in the global shipping industrys history. Too many vessels chasing too little cargo have left hundreds of ships idle, forcing container lines to under-bid each other. This has resulted in record-low freight rates worldwide, barely covering the cost of fuel.
In 2016, the shipping industry saw the demise of Hanjin Shipping, one of its biggest members. The South Korean mega shipping line declared bankruptcy in August, becoming the largest shipper ever to go insolven…
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