Feature 2 | GERMANY Mastering the challenges
Last year the framework conditions for shipbuilding and marine technology were extremely difficult for the German shipbuilding industry, but Germany is adapting to the change in market demands says the German Shipbuilding and Ocean Industries Association (VSM)
extremely problematic environment and required further structural adaptations. In 2011 the deliveries of commercial vessels from German shipyards were significantly below the results of previous years, so that the total turnover of the shipyards was also greatly reduced, which also had a knock on effect to the supply industry with fewer orders and a time lag on those orders. However, VSM, which stands
T
for Verband für Schiffbau und Meerestechnik, has said that in spite of the existing problems, shipbuilding and marine technology in Germany are well positioned in a European comparison and form the basis of a maritime growth strategy, which is essential for overcoming maritime targets, ranging from green shipping to regenerative energy supply, particularly in the field of offshore wind energy. Currently the shipyards have five
orders for the construction of platforms for offshore wind parks (Nobiskrug (2), Nordic Yards (3)), furthermore there are also three installation ships for the offshore industry (P+S), a jack-up vessel for offshore wind parks (Sietas), a research ship (Neptun). In recent weeks Flensburger Schifaugesellschaſt (FSG) has received two additional orders for Seismic vessels.
Finance Ship finance has become significantly tighter following the collapse of Lehmann Brothers and the subsequent economic crises, including the Eurozone difficulties, which have led to banks refusing to accept, what they see, as significant risk. Terefore, functioning financing instruments are essential, says VSM. For example, the necessary
90
he slump in demand, difficult financing conditions and low construction prices formed an
adaptation and expansion of export credit insurance and federal state guarantees. Financial instruments such as
the
Export Credit Guarantee Scheme (in accordance with the OECD consensus) are being used. Federal export credit guarantees support enterprises in their efforts to open difficult markets and expand traditional markets in unfavourable times. By taking out Federal guarantees, exporters and banks protect themselves from country and buyer risks involved in export transactions. Also, Federal State Guarantees (in accordance with Community Law). Te federal states take over maximum 80% of the credit sum as a completion guarantee for covering investments or capital loans. These guarantees are applicable to the national shipping and shipbuilding sector. “More difficult financing options
are initially worth mentioning in this regard. The increase in equity capital requirements and lower willingness by the banks to accept
full year was better than in the previous year with regard to the number of ships and the order values. The 28 ordered ships comprised an order value of €3 billion (US$3.6 million). Te main shares were distributed (on a CGT basis) among passenger vessels (56%), yachts (15%) and other non-cargo vessels (16%); three
risk lead to
considerable problems in ship financing. The German shipbuilding industry suffers, as the shipbuilding industries in many other countries from a structural financing deficit, where it is oſten, even for merchantable newbuilding projects, difficult to find credit capital. Te more specialised the purpose of use, the more difficult is the realisation in cases of insolvency and hence the higher are the risks for the creditor. Tis is one reason for conventional investors and creditors shying away from ship- and yard-financing today. Terefore, functioning and reliable financing instruments are essential for the shipbuilding industry”, says Kathrin Ehlert-Larsen of VSM. Aſter a relatively positive first half-year,
order development in the construction of merchant vessels in Germany remained behind expectations in the second half of the year. Nevertheless, the result for the
German shipyards adapt to changes in the market
larger offshore installation vessels mainly contributed to this, which mark important successes for the increased entry of German shipyards into the offshore market. The rest is distributed across, inter alia, special-purpose cargo vessels, gas tankers and research vessels. As the newly received order volume exceeded
The Naval Architect September 2012
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