Firm in landlocked Bavaria revives funding of new ships

Washington

WITH the shipping world rattled by its biggest-ever bankruptcy and major players seeking safety through mergers, a family-run company from landlocked Bavaria is braving the turbulence by financing fresh vessels.

With two new ships, MST Mineralien Schiffahrt Spedition & Transport is reviving a German funding model that the global recession came close to killing off, tapping private investors for the bulk of the money with most banks reluctant to lend.