find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Survey reveals transport sector pain

Survey reveals transport sector pain

Funding cuts and an increase in litigation are causing headaches for the global transport sector, according to a recent survey conducted by Norton Rose Group.

The global survey, which involved 1,100 respondents, has revealed that 53 per cent of respondents in Australia and 63 per cent worldwide believe global economic instability is putting pressure on the availability of finance to the sector.

To remedy this, 39 per cent of the industry believes governments should boost investment in infrastructure.

In Australia, this figure jumps substantially, with 60 per cent of respondents calling for greater government investment in infrastructure, and 82 per cent calling for greater investment in rail.

The survey shows that of all sectors within the transport industry, shipping has seen the largest decrease in business volumes since 2008.

In aviation, however, opportunities are emerging for consolidation in 2012. Fifty-nine per cent of international respondents from the aviation sector said they will pursue a joint venture or merger in the next year, and 29 per cent globally – including 33 per cent of respondents in Australia – intend to boost their international reach.

Likewise, 43 per cent of those in the global rail sector say joint ventures and the enlargement of their international footprint are activities they will pursue this year. These figures increase to 47 per cent among Australian respondents.

“A notable decline in the availability of funding to the shipping sector continues to have impact,” said Ernest van Buuren, head of transport, Norton Rose Australia.

“Many are looking beyond traditional forms of finance to private equity to weather further uncertainty in the year ahead. Those in aviation and rail are also actively putting plans in place for the year ahead by looking at ways in which they can get closer to customers and expand their global footprints. These are necessary and prudent steps to safeguard themselves against difficult times.”

The economic difficulties of the last few years have also led to more disputes for Australian businesses. One quarter of those surveyed in Australia say they have been involved in more disputes leading to litigation, arbitration or mediation, and a further 39 per cent of respondents have been involved in more contract negotiations.

“Larger shipping disputes are becoming more protracted with many running to trial and appeal. In the last few years we have also seen an increase in mortgagee enforcement proceedings, suggesting insolvency remains a key issue. We regularly advise on ship arrests for securing claims. I expect that trend will continue,” said van Buuren.

The survey, entitled Norton Rose Group Way Ahead Transport, is the third transport report released by Norton Rose Group. It details the views of 1,100 international respondents from a range of companies involved in transport including financiers, owner/operators, manufacturers, government entities and professional services firms.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Survey reveals transport sector pain
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Jetski
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Consultation
Oct 23 2017
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
IBA
Oct 23 2017
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...