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Major shareholder withdraws from distressed German carrier

Shareholders in crisis-stricken German shipowner Marenave Schiffahrts disagree on strategy, and this has made one stakeholder sell its share. There is doubt about the firm's future as a shipping company, says management.

One of the two major shareholders in distressed German shipping company Marenave Schiffahrts has decided to sell its shares.

Germany's Ernst Russ Group, which has worked to get Marenave back on its feet, has now withdrawn from the company as the group failed to agree with the other key shareholder about the Marenave's future strategy, says the firm in a statement.

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