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German owners say cooperation has stopped insolvencies
Despite the widely reported financial woes of many KG Funds the German Shipowners’ Association (VDR) says cooperative ventures have avoided the bankruptcies of whole shipping companies.
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VDR noted a trend towards co-operative ventures in ship management and the financing of ships over the last year especially among smaller-to-mid-sized owners. In particular in the sub-5,000 teu containership sector where rates remained “less than adequate” it said German owners of existing vessels were working with banks to find solutions until markets picked-up.
“The German charter shipping companies are adapting to the new business environment. As a result, and unlike other countries, we have so far largely been spared insolvencies of entire shipping companies here in Germany,” said Michael Behrendt, president of the VDR.
Behrendt added that ensuring ships remained under German ownership and management remained a priority despite the crisis. “German shipping companies continue to be the market leaders when it comes to ship management expertise.”
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