NEW YORK (April 25, 2012) – As the $380-billion international maritime industry continues to try to find its bearings following the perfect storm of the financial crisis, the Great Recession and skyrocketing fuel costs, AlixPartners, the global business-advisory firm, today announced that it has officially christened its cross-functional group that helps clients in this space the AlixPartners Global Maritime Practice. The firm also stated today that while companies in the maritime industry have recently announced significant cost-savings initiatives, many balance sheets in the industry are still extremely weak, which could lead to further consolidation in the industry in the year ahead.

 

Said Fred Crawford, CEO of AlixPartners: “Approximately 90% of world trade is carried by the international maritime industry, and as the industry continues to dig out from the global recession and resulting vessel overcapacity, maritime companies and their owners and creditors will face an increasingly challenging environment where cash-management pressures and critical operational issues will be accentuated by the ongoing sluggish global economic outlook. Our maritime team at AlixPartners is deeply experienced, and able to offer – anywhere in world – comprehensive solutions to companies, owners or creditors across the entire spectrum of operations, capital structuring and transaction advisory.”

 

AlixPartners’ maritime team has established a reputation around the world for successfully working through a spectrum of extremely complex shipping situations, on both the company/sponsor side and the creditor side. AlixPartners’ areas of assistance and advice in the shipping space spans restructuring, complex financial stakeholder negotiation, aggressive cash management, business-plan development and constituency relationship management. The firm has maritime and other transportation experts based around the globe, such as North America, the United Kingdom, Germany, Hong Kong, Singapore and Greece.