German freight, demurrage and defence (FD&D) mutual Schutzverein Deutscher Rheder (SDR) has weathered some tough years.

The marine insurer’s fleet has fallen by about one-third over five years, mirroring the trend of the German fleet and reducing premium income.

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This article is part of a special report on the shipping market that you can read in full in TradeWinds' weekly edition on 29 January.