/biz/ - Business & Finance

[Anonymous No.16197469]

>Germany, one of the world’s main maritime players, saw its commercial fleet shrink by a third over the past six years, becoming the biggest loser in a vicious industry slump that has reshaped global shipping.

>Once the world’s predominant shipping lenders, most German banks have abandoned ship finance as they’ve written off tens of billions of nonperforming loans to cope with around $100 billion in toxic debt and sold scores of vessels to foreign owners at knockoff prices.

>VDR data show that German owners operate 2,400 vessels compared with 3,800 in 2012. In terms of gross tonnage the number is down by a quarter. The majority of ships went to cash-rich GREEK owners

>“At its worst, there have been cases of five-year old ships that were sold as low as twice scrap price, or a 70% discount,” said Basil Karatzas, chief executive of New York-based Karatzas

>Before the 2008 crisis, some 26% of new ship orders book came from Germany. Today that number has fallen to less than 2.3%, and hundreds of KGs have gone insolvent.

[Anonymous No.16197830]

thx op interesting but where is sauce thx bye

[Anonymous No.16198333]

>>16197469
they dont sail under german flag due to regulations and fees

[Anonymous No.16198347]

>>16197469
How do I invest in the german shipping industry?

[Anonymous No.16198532]

>>16197469

Germany will be the first domino to fall. Can't wait to read the headlines when Deutsche Bank fails

[Anonymous No.16198547]

>>16198532
Please happen the EU under Merkel destroyed my country in benefit of Germans.

[Anonymous No.16198797]

>>16198547
Your corrupt country fucked itself Alexis, guide your anger to the profiteers.