Germany plans to help shipping companies

MUMBAI: Germany, Europe's biggest shipbuilding nation which has been hard hit by the global economic crisis, wants to help its shipping industry by bringing forward public orders, according to a report quoting government's maritime expert.

"We are checking whether we can bring forward orders," Hans-Joachim Otto said. "That could help some firms." The government wants, therefore, to waive the repayment of already allocated state aid for innovation in ship building, Mr Otto said. "These will be changed into subsidies."

The plan requires approval by the European Union.

He said, however, that the shipping industry could not expect more subsidies from the government.

"We don't have the biggest pot of money," he said. "What we are trying to do is to check the existing tools to make them more flexible."