Global Shipping’s Moral Authority Plunges In Mauritius As Pope Intervenes In

Mauritians have been angered in the immediate aftermath of the oil spill by the surprising number of media reports and strategically released legal analyses around the world explaining why the full clean up cost of the oil spill would have to be borne by taxpayers on the tiny island nation, not the multi-billion dollar shipping lines that were operating these vessels and responsible for the oil spill and subsequent salvage operation. Mauritian average earnings are $1000 a month ($33 a day) for a country that has a population of 1.3 million and an annual Government budget of just $3 billion. By contrast, the world’s second largest shipping company Mitsui OSK Lines (MOL), that chartered and operated the Wakashio , earned $12 billion in revenue last year alone, four times the Mauritian Government’s annual earnings and equivalent to the entire GDP of Mauritius

Sounds like the system is working well. Mitsui stock is up 22 Yen (1.12 percent)