EMEA News
Industry Body Sees European Shipping at 'Breaking Point'
Industry body the European Community Shipowners' Associations (ECSA) has called for government support for shipping as it faces an "unprecedented crisis" in the wake of the COVID-19 pandemic.
"Tthis unprecedented crisis requires unprecedented reactions," the organisation said in a statement on its website Friday.
"For Europe to ensure the survival of its strategically important maritime industry, more concerted and targeted actions will be required.
"[The ECSA] therefore calls on all the European institutions to swiftly adopt a targeted rescue and recovery plan for the maritime sector."
ECSA President Claes Berglund said support from the banks would also be crucial.
"European shipping has reached a breaking point," Berglund said in the statement.
"Financing really needs to be kept open for shipping companies in order for them to cope with immediate liquidity problems to avoid redundancies, to help refinance their loans, or have the possibility to suspend their loan instalments and interest, and in parallel extend the term of their loans.
"Without the authorities and banks stepping in on this, many companies will not survive the crisis and Europe's share of global shipping is going to plunge."
