The Shipping Slump

By Jean Richards, Secondwind Shipping Ltd

Restructuring, Repossession and Realism
History does have a way of repeating itself and some of us are old enough and experienced enough to remember the shipping slump of the 80’s. For others the shipping industry has only ever been an amazing bull market and the current downturn has come as a nasty shock. Some might just be old enough to remember the few high profile repossessions which took place at the end of the 90’s but these were mostly connected to failed bond deals. In the 80’s repossession by means of arrest and judicial auction sale was only too common and it remains to be seen whether those times are with us again.

Whatever the severity of the market the arrest

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