Meyer Werft is one of the few specialised German shipyards which has so far been left unscathed by the global financial crisis, however, its Chief Executive, Bernhard Meyer, said that he was afraid that half of Germany's shipbuilding capacity might be lost.
Mr Meyer added that a wave of insolvencies in Germany would cause the German shipbuilding network to suffer.
Meyer Werft has an orderbook worth over US$5.7 billion and orders are covered through to 2012, however, new orders will need to be secured this year, or departments in Meyer Werft will not be fully utilised. Mr Meyer said that he was confident that new orders would materialise.
Mr Meyer said that increasing competition from Japan and South Korea was another challenge. He identified Daewoo and Samsung as major competitors for several projects.
