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German shipowners ask for state bailout

The German shipowners have asked the German Government for a bailout as the industry is suffering and fighting with overcapacity, increasing fuel costs and banks withholding shipping lending, reports Reuters

Photo: Hapag-Lloyd

The shipping crisis has affected the German shipowners particularly hard which has now prompted them to ask the Government for financial help in the shape of a state bailout. The German container fleet operates 1,800 vessels, that is almost two fifths of the world fleet of 5,000. Between 500 and 700 of the German-owned ships have liquidity problems, an industry source says and approximately 100 ships have already gone bust, Reuters reports.

On Friday, Ralf Nagel, Chairman of the Association of German Shipowners, stated that the state-controlled German bank KfW must enter the shipping industry and offer German shipowners limited temporary loans.

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