A US maritime union warns that American Industrial Partners (AIP)'s moves into shipping could spell doom for the Jones Act cabotage law.
American Maritime Officers (AMO) president Paul Doell said AIP affiliate Rand Logistics put nine of the American Steamship Co's 12 debt-free bulkers up for collateral in securing a $390m loan last May, potentially endangering the 114-year-old Buffalo, New York, company.
