“Germany is the superpower of container shipping, controlling almost 40pc of the world market. The Germans also misread the cycle and have been struggling to cope with a legacy of debt and a glut of ships. Now everything is going wrong at once. They are not alone. Britain’s oldest shipowner, Stephenson Clark, dating back to 1730, went into liquidation last week, closing the final chapter of Britain’s coal trade and the industrial revolution. The odd twist is that Greek shippers are the ones quietly snapping up bargains from distressed German companies, with Hypovereinsbank providing 100pc financing, a privilege denied to German shippers.”
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