The sudden collapse of Denmark's OW Bunker and South Korea's Hanjin Shipping resulted in a windfall of legal work as lenders, bunker suppliers and other entities owed money filed hundreds of lawsuits. Maritime attorneys Jim Hohenstein and Chris Nolan weighed in on the matter.
"I'd say we're in the middle – about the fourth or fifth inning," said Mr. Hohenstein, referring to the legal cases tied to OW.
"Because people thought Hanjin was too big to fail and it did fail," said Mr. Nolan, "charterers and shipowning interests and everyone in the logistics chain is looking at other carriers and asking themselves, 'What if this happens again? How can we be ready to move in a fashion that will not be as haphazard?' They're being much more proactive when thinking about contractual counterparties."
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