More than 30 years ago, when I began writing about transportation and logistics, one of the first pieces that I did was about the imminent demise of the U.S. merchant marine. Today, I find myself addressing the same issue. As industries go, this has got to be one of the slowest deaths on record.
A recent S&P credit-rating report on the end-of-life of the U.S. merchant marine fleet over the next few years read more like an obituary than a financial analysis: "Weak credit quality, challenging capital market conditions and reduced access to government-guaranteed loans could spell doom for many U.S. shipowners," said S&P analyst Funmi Afonja.