Reederei NSB may abandon German flag in 2015

NSB manages more ships under German flag than any other ship management firm and currently employs around 500 German and European seafarers.

A continued low market in the container trade has lead many companies to slash operating costs, and in NSB's case their continued employment of German and European seafarers is "no longer economically feasible and the company would endanger its position if it continued to operate vessels under German flag," according to a press release issued today.

The company's review of its German-flagged ships has lead it to state that without an economically feasible solution by the end of 2014, it will be compelled to out-flag its ships to stay competitive.

Discussions have already begun with German union Ver.di with an external auditor nominated by the union commissioned to review the company's position. The aim of discussions is to find a solution that keeps the employer viable and properly considers the future of its employees.

"Both Ver.di and Reederei NSB are concerned that the fate of the employment of European and German seafarers in Germany as maritime location would be sealed if no solution to this basic issue can be found by the end of 2014," the company stated in a press release.