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.
Maersk Line's acquisition of Hamburg Süd tarnishes the German self-image during hard times as the country's shipping industry is already under pressure, says professor and maritime economist Urlich Malchow, who calls the acquisition "emotionally and symbolically very sad for Hamburg."
Several north German repair yards by the North Sea are forming a new alliance by the name of German Dry Docks Group with the intention of optimizing utilization of their docking facilities in Bremerhaven and Cuxhaven.
Major German shipping bank HSH Nordbank is optimistic about the prospects of finding a potential buyer for the bank, which will begin a privatization process this year with a deadline in February 2018.
Asset manager Ernst Russ AG is now stepping forward as a major shareholder in struggling German Marenave. Ernst Russ owns a little over one fifth of the shares in the Hamburg-based company, which is currently trying to ward off bankruptcy.
German shipyard Flensburger Schiffbau-Gesellschaft (FSG) plans to save millions of euros through a large-scale cost savings plan which will include wage reductions and firings. The plan ensures full financing for the orderbook, which includes two RoRo vessels for DFDS.
Major German shipping bank Commerzbank, also Germany's second-largest bank, will lay off close to 10,000 of the bank's total 45,000 full-time employees. Commerzbank's non-performing shipping loans are largely to blame for the bank's crisis, reports Reuters.
Bremen-based shipyard group Luerssen will acquire Blohm+Voss in Hamburg which has since 2011 been owned by UK-based equity fund Star Capital Partners. Luerssen now owns six shipyards in northern Germany with 2,800 employees.
The crisis in the global container sector is now forcing German KG container shipowner Hansa Treuhand to lay off 25 percent of its employees and cut its fleet size in half. The Hamburg-based company has filed for court protection for 15 container vessels.
NordLB's new deal with equity fund KKR regarding a platform for non-performing shipping loans is a new way to get rid of the bad loans weighing down the industry. In an interview with ShippingWatch, Global Head of Ship and Aircraft, Oliver Faak, explains why NordLB is using this model.
Rickmers Holding and E.R. Capital Holding cancel the planned merger of their ship management companies. The two German shipping groups are controlled by Bertram and Erck Rickmers, fifth generation of the storied shipping family.
Scandlines, which is owned by equity fund 3i, hits back at the Danish Ministry of Transport in a case concerning a leaked report. The carrier has ordered its own analysis which casts doubts on the conclusions in the original report, adding another chapter to the protracted conflict between Scandlines and the state.
Carrier Marinave Schiffarhts is currently negotiating with its banks for a restructuringplan. The banks now point to a sale of the entire fleet as a solution. A step in the right direction, CEO Ole Daus-Petersen tells ShippingWatch.
The major German shipping lender improved its net income in 2015, but the group's net result declined. The crisis in the shipping markets continue to weigh the bank down, and HSH Nordbank made further impairments and loan loss provisions in the period.
New provisions to the value of EUR 435 million sent Germany's second-largest shipping lender, Nord LB, into a deficit in the first three months of the year. And the outlook is not looking very positive.