Ferrier Hodgson Partner Ryan Eagle provides an update on the state of the Shipping Industry in Sector Focus, Corporate Rescue and Insolvency.
- Since mid-2008, the shipping industry landscape has undergone significant change and market participants have had to adapt to a new environment.
- There have been a number of significant shipping restructures and bankruptcies, and there has been
widespread use of Chapter 11 US bankruptcy to facilitate these restructurings.
- The shipping industry now faces a series of operational and financial issues including overcapacity, reduced margins, reduced access to and greater cost of finance and more restrictive banking covenants.
- The increased activity in shipping restructuring has seen higher levels of activity from private equity firms and hedge funds, which has brought with it additional capital investment.
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