The German shipowners’ association, Verband Deutshce Reeder (VDR) denies allegations that it is trying to set the stage for state subsidies in order to save the many struggling shipping companies that are unable to secure financing, as many banks are withdrawing from the shipping industry.
Vice president of VDR, Max Johns, states to ShippingWatch that the German shipowners’ association wants to bring the state-owned investment bank KfW onto the field, so that the many, especially small shipping companies will be able to secure financing. KfW is a banking institution that was founded back in 1948, following the war, with the primary purpose of helping to rebuild Germany. 80 percent of the bank is owned by the federal government, while the remaining 20 percent are owned by the individual states.
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