Panama Papers effects on maritime industry

Release of the Panama Papers database which contains the leaked corporate registration database of Panamanian law firm Mossack Fonseca might effect a few shipping companies to name a few: Cosco group, China Shipping Group, Fred Olsen & Co and Evergreen Marine, former Cosco chairman Wei Jiafu, Israeli billionaire Idan Ofer, shipowner Fred Cheng. In shipping setting up single-purpose companies in such tax havens is common so appearance in the Panama Papers is not a sign of wrongdoing. But, for maritime lawyers, Panama Papers is a new tool for hunting and seizing assets in disputes.

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