German aid for shipping lines

The German government has pledged 2.5 m Euros per ship to enable shipping lines to retro-fit equipment to help them with slow steaming.  The kits are designed to avoid problems with the engines caused by slow steaming – in some cases the grants could be higher than 2.5 m.  Shipowners in Germany have said that these grants will not help the shipping industry;the main problem for owners is the behaviour of ship financing banks.  Owners and financiers are afraid that the banks might take advantage of the rising value of ships to force owners to sell.