Shipping: Climate change likely to cost Rhine shipping billions
Low water levels and new energies are making a large part of the inland shipping fleet, which on average is 50 years old, unsuitable. Market leader HGK is calling for a billion-euro program for 1000 new ships.
Germany's inland shipping industry is expected to face significant financial losses due to record-low water levels on its rivers this summer. The low water levels, which fell to a historic low on the Rhine river in mid-August, are estimated to have cost the country's economy around 18 billion euros, or 0.4% of its annual economic output.
The industry's fleet of around 7,000 ships, which is on average 50 years old, is no longer suitable for current challenges, and a new building program is needed, with HGK, a major player in the industry, calling for 1,000 new ships by 2035. The industry is seeking annual funding of 400-500 million euros from the government to support this effort.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
