Progress in the tanker market is possible without state aid, government backing and weak financing
Last week we brought you news of a detailed study into the Greek maritime cluster.
This week online we put the spotlight on Germany. As our report makes clear the German story of survival and improvement through one of the toughest recessions is all the more remarkable for a little known fact that the German Government does not take advantage of EU rules allowing state support for shipping.
Other European countries do adopt the support measures, putting German owners at a growing disadvantage. Flagging out is increasing, with many German owners switching to the Madeira registry.
It is difficult to believe that as recently as 10 years ago, German banks controlled 50% of the global fleet financing.
Despite these challenges there has been a steady expansion and investment in the fleet and today’s orderbook stands at 22 vessels: TB Marine (8), Carl Buttner (4), Reederei Nord (4), Conti Reederi (3), Sloman Neptun (2) and Bernhard Schulte (1). All are product/chemical tanker vessels.
Read our full report on the German sector online and in the upcoming issue of Tanker Shipping & Trade.