ShippingWatch

Shipowners will keep a close eye on German financing solution

The Danish Shipowners’ Association is not convinced that the scheme proposed by the German shipowners’ association – to seal the holes in the struggling German shipping companies - is acceptable. “EU will have to decide on that,” says the Danish Shipowners’ Association.

Photo: Hapag-Lloyd

The Danish Shipowners’ Association is not yet prepared to approve the German shipowners’ association’s solution for the many shipping companies that are struggling financially following the partial collapse of the German KG scheme.

The German shipowners’ association (VDR) wants the state-owned investment bank Kreditanstalt für Wiederaufbau (KfW) to enter the game, so that the many, especially smaller shipping companies will be able to secure financing. Last week, the president of VDR, Max Johns, told ShippingWatch that “we are asking KfW only to come in on those projects that have a clear and proven positive outlook.” Additionally, the shipping companies will repay the loans under normal conditions, should KfW enter into existing engagements.

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