Thursday, October 22, 2009

The Debts of the Lenders: Container Shipping Bailout

Container shipping is ready for a bailout courtesy of the German, French, Israeli, and Chilean taxpayers. Companies include Hapag-Lloyd (Germany), CMA CGM (France), Zim (Israel), CSAV (Chile) and CCNI (Chile).

But attention is being targetted on the two European firms since Hapag-Lloyd is the world's 6th largest firm and CMA CGM is the world's 3rd largest by size. Shipping executives and trade officials in other countries are vigorously protesting what they (rightly) see as unfair competition. The protests are being lodged at the highest levels of the EU but commissioners have so far been nonchalant about the whole affair and dismissive of what they consider a local matter.
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