German fund for lay-ups

German owners of container vessels has started a mutual fund for economic compensation to vessels laid-up. Initially the fund has gathered one-vessel owners with a total of 140 ships, writes Lloyd’s List. According to the latest estimates, there are around 150 container vessels laid up around the world, a more is to come. Members can expect a cover of about 70 per cent of the going charter rate.

German Containership Association was established in 2002, but was not activated until now. One reason was uncertainty whether the scheme was in breach of EU regulations. The association now claims that this is not the case as support will only be given for two-three months, and the vessels must be ready to resume service.

Source: http://www.shipgaz.com