The March 11 Law360 article titled “5 Challenges Facing The Maritime Industry” discusses the economic difficulties facing the maritime shipping industry, complicated by new regulations and developments affecting importers, exporters, freight carriers and port operators. In quoted material, McGuireWoods Norfolk office managing partner and transportation industry practice leader John Padgett comments on the difficulties of preparing American ports to handle the new generation of “megaships.” He also remarks on the currently depressed freight rates, which he says do not support construction of new shipping vessels, and the resulting impact on the market. Subscribers can read the full text of the article online.
