The Swiss maritime fleet is reportedly facing financial difficulties and struggling to stay afloat.
Encounters loss:
The Swiss fleet has come under challenging economic times for quite a while with around thirteen ships having already been sold at a loss – costing the Swiss government CHF215 million ($219 million).
Two companies try to stay afloat:
Furthermore, the industry is further fuelled with two more shipping companies struggling to stay afloat.
A spokesman for the foreign external link affairs ministry confirmed the news with each company owning only a single ship.
Totally, the Swiss maritime commercial fleet has 29 ocean-going vessels financed by guaranteed loans until 2031. The authorities have issued guarantees totalling CHF770 million for ships under the Swiss flag.
Supplementary loan:
In June, the Swiss parliament had given a nod to approve supplementary loan. In July, the cabinet ordered that struggling shipowners be financially monitored by a company in Hamburg, Germany. And at the beginning of December, it became known that the economics ministry had filed a lawsuit with the Attorney General’s Office.
If need arises, the Swiss government can commandeer Swiss commercial ships to ensure the country’s economic needs.
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Source: SWI
