Reforms, consolidation gathers pace

摘要

As the gloomy cycle of low freight rates and high energy prices continues, the Germany shipping industry has been suffering, particularly as far as KG-backed single ship companies are concerned. Insolvencies have been mounting in recent months, with more pain to come. Finding finance is extremely difficult and even where companies are financially solid, banks are turning them away. There are roughly 200 ships on the orderbook for German companies but many are experiencing difficulties in making final payments for ships that are essentially completed.