Bloomberg News

German Shipping Will Grow on Global Trade, VDR’s Behrendt Says

December 09, 2011

Dec. 9 (Bloomberg) -- German shipping companies can expect growth in the “medium term” because of rising German exports and increasing global trade, said Michael Behrendt, president of German shipowners association VDR.

Behrendt, who is also the chief executive officer of container line Hapag-Lloyd AG, said there is a will in the industry and among banks to help any shipping companies in trouble.

Behrendt said he is “optimistic” about freight rates for next year, after a slump caused by overcapacity. Behrendt spoke at a VDR press conference in Hamburg today.

--Editors: Robert Valpuesta, David Risser.

To contact the reporter on this story: Niklas Magnusson in Kiel, Germany, via nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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