According to the Association of German Shipowners, there were only 2,359 German-flagged vessels in November: The German merchant fleet has shrunk sharply due to the continuous crisis of recent years. Compared to its peak in 2011 with 3784 ships, the number decreased by more than a third.
"We are losing ownership of many ships because banks are selling some of their ships below market value to clear their balance sheets," said VDR President Alfred Hartmann at the association's general assembly. Already in the summer he had complained that about 450 ships could be sold just by the change of ownership at HSH Nordbank.
"Some worries"
Shipping has a decade-long crisis that has led to a number of bankruptcies and market concentration. In the boom years of shipping, German shipowners had far too many ships built by the year 2008 - thereby contributing to the crisis. Due to overcapacities in the market and declining growth rates in world trade fell freight and charter rates and prices for shipping. Shipowners and ship banks lost billions. Ships were shut down, scrapped or sold abroad.
In line with this situation, German financial institutions and ship financiers have largely withdrawn from the market. New investors usually come from abroad. However: "In many cases," says VDR President Hartmann, "the new owners are leaving the management of the ships in our hands, and it is acknowledged that we are the masters of excellence."
But even that only works as long as Germany is competitive. It should not be that a competitor is selected for the management of a ship, precisely because he does not sit in Germany. Hartmann: "We have some worries."