Germany as a Maritime Location Endangered: VDR

By George Backwell
Tuesday, July 22, 2014
Reighstag: File photo

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry and American and Asian financiers focus on bigger peers, according to a report by PricewaterhouseCoopers (PwC) cited by shipping industry trade publication 'Maritime London' in its latest newsletter.

As shipowners face pressure to put more fuel-efficient vessels into service to get better rates, they will need to team up with peers in alliances or mergers to tap financing sources, according to PwC’s Claus Brandt. Smaller shipping companies will bid farewell to the market, because they don’t have access to financing sources. Only companies of a certain size will get foreign capital.

Reacting to the report, Ralf Nagel, chief executive of the German Shipowners’ Association (VDR) considered that in the sixth year of the global maritime shipping crisis, the competitiveness of Germany as a maritime location is more endangered than ever before. The capacity utilisation of vessels remains completely unsatisfactory. The earnings situation continues to be extremely difficult, especially in the container shipping segment.

According to the VDR, the outsourcing of corporate activities abroad needs to be taken into account by an increasing number of companies owing to the immense cost pressure in the location of Germany. It says that personnel are particularly impacted as is the need to organise cargo for the vessels and maintenance work on the fleet.


Claus Brandt of PwC thought that the promotion and support of Germany’s maritime industry in the past has not been sufficient to offset European competition.

Source: Maritime London

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Ship Repair & Conversion

Silversea Cruises Plans New Flagship

Cruise operator Silversea Cruises has unveiled its new flagship, the Silver Muse, which will begin sailing the seas in April 2017.    Built by Italian shipbuilding company Fincantieri,

ASRY Inks UK Royal Navy Support Contract

ASRY and Babcock have signed a long term support facility agreement to provide ongoing services to the U.K. Royal Navy in Bahrain   ASRY (Arab Shipbuilding & Repair Yard),

PPG Debuts New Antifoulings

Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time.   PPG Protective and

Finance

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Logistics

Antwerp, Duisburg Ports to Upgrade Rly Link

The Port of Antwerp and duisport are intensifying their cooperation as the Port of Antwerp will participate in the existing rail shuttle service connecting the two ports.

Litgas, Statoil JV to Develop Baltic Sea LNG

Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production,

Greek Shipping Mulls Cyprus Move

Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged, reports Cyprus News Agency.   The director

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2403 sec (4 req/sec)