Struggling German shipping banks have been locked in for years by expensive vessel contracts with management companies which have hindered the banks from selling out of vessels. This could now change, sources tell ShippingWatch.
Germany's new tax rules, which include a net wage scheme, have spurred heavy lift carrier SAL to return six vessels to German flag, the carrier tells ShippingWatch. "The rules are starting to have a certain effect," says the German shipowners' association.
After losing billions of euros on German shipping, HSH Nordbank is now voicing a renewed optimism about the maritime sector. "The cluster will be even stronger after the consolidation," Christian Nieswandt, Global Head Shipping, tells ShippingWatch.
German shipping group NSB has joined forces with Indonesia's Temasline to form a joint venture based in Indonesian capital Jakarta, thus growing its operated fleet to 96 vessels. None of the vessels are currently sailing under German flag.
Just as a wave of mergers and acquisitions has consolidated container carriers in recent years, the many German tonnage owners need to join forces. One of the premier personalities in German shipping, Claus-Peter Offen, tells ShippingWatch that he is ready to spearhead the process.
The culture at Hamburg Süd is born at the intersection of independence and an anchorage in the habits of a German industrial dynasty, among these not to open the doors to the public. With Maersk Line's acquisition, one question in particular becomes pertinent.
German software firm Hanseaticsoft, a specialist in digital solutions for the shipping sector with customers including UASC, will move in with partner Lloyd's Register at the latter's offices in Copenhagen. Read on to learn why.
Rickmers Holding is still working to settle a new restructuring after the company filed for insolvency at the court in Hamburg last week. The company's insolvency is "a blow to the German maritime cluster," says the German Shipowners' Association.
MPC Container Ships adds another three container ships to the company's growing fleet. With the latest acquisitions, the newly-established shipowner now owns 11 feeder vessels, all geared towards the feeder market.
There are no real values of note in the German shipping sector right now, according to Lloyd Fonds. The company is scaling down its investments in the segment and would prefer to be on the sideline of what CEO Torsten Teichert describes as the endgame in Hamburg.
A new buyer has entered the field as potential buyer of HSH Nordbank, according to the German business media Handelsblatt. The bank has been put up for sale after years of poor results, in particular due to its shipping investments.
Bondholders are uncertain about the rescue plan proposed by German shipping company Rickmers Group aimed at securing continued operations. The plan includes Chairman Bertram C. Rickmers surrendering control of parent unit Rickmers Holding.
Offen Group and a German insurance company inject fresh capital into struggling Marenave Schiffahrts. The shipowner thus buys more time in the efforts to dodge a looming insolvency. Fleet divestments could still be necessary.
Even though Commerzbank has been working for years to reduce its shipping portfolio, the sector hit the bank hard again in 2016, resulting in considerable loss provisions, shows the bank's annual report.
A union organizing numerous Hamburg Süd employees now lists four concrete conditions for Maersk Line. Most significant seems to be a job guarantee for the employees at the German carrier. But there will be layoffs, projects analyst.