Shipping industry faces rough economic waters

The world's largest cargo ship, the "Alexander von Humboldt," was christened in Hamburg. But crisis continues to grip the shipping industry, and many German companies could go under before the situation improves.

The brand new "Alexander von Humboldt" has been a tourist attraction in Hamburg harbor for days: The almost 400-meter-long (1,312-foot-long) giant belongs to the French shipping company CMA CGM and can hold close to 16,000 containers. It was christened in the northern German city on Thursday (30.05. 2013).

Together with its sister ship "Marco Polo," the "Alexander von Humboldt" shares honors as the world's largest cargo ship. Looking at the skyscraper-sized ship up-close, it's hard to believe that the German sea freight industry is still facing a crisis.

But because the hard times began five years ago, after the banking- and economic crisis, Ralf Nagel of the Association of German Ship Owners (VDR) said the industry is, in fact, stuck in "an extraordinarily deep crisis." Back then, there were suddenly significantly fewer goods to be transported and way too many ships.

Read more: Shipping industry faces rough economic waters | Germany | DW.DE | 31.05.2013