One year ago — which seems like an eternity ago — no one in ocean shipping was talking about COVID. They were talking, ad nauseum, about fuel. About a massive spike in fuel prices due to a regulatory “tsunami” that would hammer liner companies’ 2020 financial results, inflate the cost of imported goods and steer winners and losers among shipping stocks.
It didn’t happen, courtesy of COVID. Instead, the price of marine fuel collapsed. Shipowners and cargo shippers actually saved money on fuel in...
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