German shipping crisis 'to continue beyond 2009'

4/23/2009 9:47:31 AM

The crisis in Germany's shipping industry will continue far beyond 2009, according Hermann Klein, head of classification society Germanischer Lloyd (GL), the Financial Times Deutschland reported.   Some shipowners, ports and suppliers will not survive the crisis, he added. GL itself may also have to revert to forced lay-offs.   The slump in trading has hit the maritime industry worldwide. About 450 container ships, or over 10 percent of the global fleet, are stuck at their harbours without anything to transport. At the same time, many new ships are being produced that are redundant.   Shipowners are trying to deal with the problems by postponing the deliveries of new ships or cancelling orders altogether, Klein said. GL's orders will suffice until 2012, the manager added.   CargoNews Asia

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