Industry Marketing News

Who’s to blame for shipping crisis?

When Maersk Line Chief Operating Officer Marcus Engelstoft opened a shipping conference in London by saying a look back to assess the industry’s economic pain over the past two years was “not a blame game,” it inevitably set off, well, a blame game. So who to blame?

Gerry Wang, CEO of container ship lessor Seaspan … said, “It was the banks.” Banks, he said, had made getting financing for purchases of container vessels as easy as buying a cup of coffee at Starbucks. But there’s more blame to go around. (Read the rest at the JOC.)

From the Journal of Commerce, April 15, 2010