Hamburg's shipowners flying the flag

摘要

The three German shipping companies Reederei F. Laeisz, Norddeutsche Reederei H. Schuldt and Rickmers Reederei have formed a reconstruction platform. It has been designed to aid ship operators facing bankruptcy and to help them on an interim basis. The project also has the support of several German banks. The shipping crisis is now entering its fifth year. Many shipowners are finding it increasingly difficult to pay their bills due to the decline in transportation demand, an oversupply of tonnage and the associated lack of income from cargo transportation.