The price of crude oil approached $100 per barrel and global stock markets tumbled as Vladimir Putin sent troops into eastern Ukraine.
One of the early maritime victims of the crisis was Fred Olsen’s Windcarrier business that pulled a planned €150m ($169m) flotation in Oslo.
But there will be other losers — and winners too — in the weeks ahead as shipping market uncertainty could lead to longer tonne-miles but certainly higher fuel costs.
