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Fortune’s Diane Brady talked to Angeliki Frangou (above), the fourth-generation owner and CEO of Navios Maritime Partners, which operates a global fleet of more than 170 bulkers, tankers and container ships. She said attacks on her ships in the strait are “just a part of what we are living.” Shipping costs in the region have gone up by 4X, she said.
“Everything is about national security. It is about mercantilism. It is about friend‑shoring,” she says. “We went from just-in-time to just-in-case, getting resources from where we think is most secure.” For those reasons, she is a pessimist about the near-term future of free trade: “The efficiency of trade and globalization, low tariffs and efficiency, is not part of the equation.”
“We are watching history in a lot of ways,” she said. “The WTO world we built our companies in basically doesn’t exist today. We are living in a different world.”
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