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German Shipping Industry In Crisis.

Charter rates for container ships per day, with a load capacity of 2,500 standard containers, as of Q1/08 was $27,642 US, versus $4,596 US per day end of Q4/09.

Source: Institute of Shipping Economics and Logistics.

The worlds largest shipping industry financer, HSH Nordbank doubled it's reserves to one billion Euros for the 2009 fiscal year. Ship loans worth about 35 billion Euros still remain on the books of the Hamburg-based lender. The other ship financing entities include;

Deutsche Schiffsbank (incl. Commerzbank, Dredner Bank) with 22 billion Euros on their books, as well as Nord/LB with 18 billion Euros and KfW Ipex-Bank with 8 billion Euros.

With the exception of the German governments 1.2 billion Euro loan guantee, for the giant Hapag Lloyd shipping line, the governments negative stance toward the shipping industry hasn't changed.,1518,685207,00.html

Disclosure: No Positions.