It’s a refrain you start to hear more and more in current times. “We…have fallen into the clutches of the bean counters…who know the cost of everything and the value of nothing.” So says Clay Maitland, CEO of International Registries, who says the maritime industry is being harmed by private equity ‘misjudgments’ – “poor executives to have in the wheelhouse”, he adds. He claims this approach has led to rising numbers of casualties at sea partly due to shrinking crew sizes. It’s time for experience to fight back against the financiers. A theme for our times?
By Alex Lennane