I recently had coffee with an acquaintance who works in real estate. He was aware that our law practice has a focus on shipping and presumed we were very busy because of the events taking place in the Strait of Hormuz. What was most interesting about his presumption and the conversation that followed, was the awareness that geopolitical events that affect shipping cause significant disruption to global economic stability. He discussed the increased costs associated with managing buildings, in part due to rising fuel costs leading to increased prices for products and services. In addition to the economic implications, I explained to him about the increased pressures placed on owners, managers, insurers, and crew to keep ships moving safely and efficiently. This month’s issue touches on several issues related to the Iran War, including disruptions to navigation and legal risk, and also includes a primer on the Jones Act waiver related to the transportation of oil, natural gas, and other products between U.S. ports.
At the end of our coffee, I felt like I had given a class on the basics of global shipping to an eager pupil who was ready to learn about how the international shipping industry affects our daily lives. It is hard to imagine the chaos and destruction that would ensue if shipping came to a worldwide halt. We would quickly revert to the Dark Ages. In short, international shipping is vital to supporting the global supply chain and ensuring stable economies, and governments must allow for free navigation.
— William R. Bennett III, Editor
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