Tough market conditions — including insolvencies and sales of ships to foreign owners — have hit the fleet that is insured by German freight, demurrage and defence (FD&D) mutual Schutzverein Deutscher Rheder (SDR).
Tonnage insured by Hamburg-based SDR has fallen to 29 million gt — a 19% decline on the 36 million gt of a year ago. The number of vessels also fell to 1,335 as of October, which is a 13% reduction on the 1,540 from 12 months previously.
