German shipbuilder Werften files for bankruptcy protection

German shipbuilder Werften filed for bankruptcy protection yesterday.

The yard group, which focuses on cruiseship construction, is owned by Malaysian entertainment group Genting. It failed to pay its staff their salaries last month.

Genting bought the shipbuilder in 2016. The shipbuilder has four sites on the Baltic and at Bremerhaven.

The nation’s shipbuilding association urged Berlin to step in and save the shipbuilder, stating in a release: “The German shipbuilding industry can no longer afford a further loss of substance on this scale.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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