German shipyards turn around with focus on high-tech vessels

[FRANKFURT] German shipyards expect orders to rise this year as they focus more on high-tech vessels for oil and gas exploration and for installing and servicing offshore wind farms, and as the global shipping industry emerges from a five-year slump.

Orders for new container and dry bulk ships plummeted in the wake of the 2008 financial crisis as global demand fell for manufactured goods and for commodities such as iron ore.

Shipyards in Germany, Europe's biggest shipbuilder, have since exited the business of making container ships.