While the rise of cargo-snatching Somali pirates probably didn’t help, the worldwide shipping industry has struggled in recent years with decreased rates and an inability to refinance debt.
One sign of just how choppy the waters have become: Such seafaring companies as Marco Polo Seatrade and Omega Navigation Services (both represented by Bracewell & Giuliani) filed for bankruptcy in U.S. courts last year, only to be followed into insolvency by industry heavyweights General Maritime (Kramer Levin Naftalis & Frankel) and Trailer Bridge (DLA Piper and Foley & Lardner).
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