The shipping crisis could claim biggest victim yet
The American tank shipping company OSG’s decision to file for bankruptcy under Chapter 11 on Wednesday could lead to the biggest collapse in decades for the shipping industry.
BY OLE ANDERSEN
American tank shipping company Overseas Shipholding Group’s petition for bankruptcy protection under Chapter 11 could lead to the biggest collapse in decades for the shipping industry, as a result of the biggest crisis in global shipping in years.
On Dec. 5, all Russian crude oil will be banned in the EU. But oil from the warring country will still flow into the world market, and both the EU embargo and price cap can be circumvented, predicts sanctions lawyer.