German shipping is undergoing “fundamental change,” says Michael Behrendt, president of the German Shipowners Association (VDR), in its latest annual report.

The former chief executive of Hapag-Lloyd writes that changes have been caused by “the unexpectedly long crisis” which impedes a sustainable recovery in freight and cargo rates.

He said the progressive depletion of shipping portfolios along with tougher ship financing requirements imposed by German banks “have been tough challenges for shipowners".

“Smaller