Thursday, July 16, 2009

An idea to save German shipowners

Boy, the Germans are upset at how bad the charter market is.

There has been a plan hatched to form a new company. Banks, shipowners and KG companies (basically private banks specializing in financing ships) will put their assets (ships) into the same pot.

Then, it will be managed by one group who will set minimum charter rates.

No more chartering out a ship at a loss.

Sure, it will decrease competition, but is it technically against the EU anti-trust laws?

That remains to be seen.

From Lloyd's List

An idea has been circulated to set up a new company, Baltic Max Feeder, that would take control of as many as 500 ships and set hire rates considerably above current levels.

Vessels of up to 1,400 teu would be put into the new company that could be jointly owned by banks, KG funds, and owners.
Mr Neemann said he does not think Baltic Max would violate European antitrust regulations as the scheme aims at securing the supply of feeder tonnage by numerous small and medium-sized companies. A law firm had supported this view, Mr Neemann said.

click here for link to article

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