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In an important decision that could put the brakes on the run-away punitive awards that have plagued the business community for the last two decades, the Supreme Court held today that the maximum permissible ratio of punitive to compensatory damages under maritime law is ordinarily 1:1.

While private equity investors continue to be attracted to the reliable non-cyclical returns associated with transportation assets, several headwinds over the past 12 months served to dampen M&A activity in the sector in 2025.