The German shipping industry is showing remarkable resilience. Despite a tense global situation, uncertain energy prices and increasing geopolitical risks, 93 per cent of ocean-going shipping companies report full capacity utilisation. More than half (58 per cent) of companies expect further revenue growth in the coming twelve months.
This is according to the latest PwC shipping company study for 2025, which surveyed 113 German ocean-going shipping companies between April and June.
Political uncertainties: Trump, trade wars and uncertainty
However, the robust business situation stands on shaky political ground. Ninety-one per cent of shipping companies expect negative impacts from the second term of US President Donald Trump on the German shipping industry. Fifty-six per cent even find the situation now “worse than expected”.
According to Burkhard Sommer, head of the Maritime Competence Centre at PwC Germany, the erratic course of the US government complicates long-term planning and investments:
“Political decisions in the USA are increasingly difficult to predict. This hinders international trade and creates uncertainty in the markets.”
More than half of respondents (51 per cent) see, according to the study, “no longer a legally secure framework for economic action“. About two-thirds (65 per cent) expect a decline in freight volumes between Europe and North America.
At the same time, many shipping companies expect trade volumes to shift to other regions: India and China are considered the most important growth markets, followed by other Asian states and European partners.
Risk situation at sea: the Red Sea remains a risk zone
The industry is also alarmed in terms of security policy. The repeated attacks by the Houthi militia on commercial ships in the Red Sea have highlighted the vulnerability of global supply chains. On a scale of 0 to 10, German shipping companies rate the risk situation in the Red Sea at 7.1 points – slightly below the previous year’s value but still high.
According to Dr André Wortmann, co-author of the study, many companies have adjusted to the danger:
“On the one hand, a habituation effect seems to be setting in; on the other hand, most shipping companies have developed strategies to navigate around dangerous situations.”
In fact, 61 out of 62 shipping companies active in the region avoid the passage through the Red Sea – instead, they sail via the Cape of Good Hope. These detours extend transport times and increase costs, but according to the study, they counteract a drop in prices. Eighty-six per cent of respondents believe that freight rates would be under more pressure without the detours.
Security appeal to Berlin: more protection for maritime infrastructure
Confidence in the USA as a protective power is declining significantly. Fifty-two per cent of shipping companies expect the United States to participate less in protecting international sea routes in the future. Accordingly, there is a strong call for greater German involvement:
- 92 per cent demand better maritime surveillance
- 92 per cent want more protection for maritime infrastructure – such as ports, submarine cables and offshore wind farms
- 84 per cent want a better-equipped Federal Navy
Unmanned weapon systems are considered indispensable by 96 per cent of respondents in the future.
Despite crises: growth and fleet expansion planned
Despite all risks, the industry remains optimistic. Seventy-eight per cent of shipping companies expect medium-term increases in global freight volumes. Seventy-six per cent plan to purchase new or used ships – with a growing tendency towards new builds.
According to the PwC study, the decision for new ships depends heavily on future propulsion technologies: seven out of ten shipping companies would invest more if it were clear which fuels would prevail. Current favourites are methanol (50 per cent), LNG (45 per cent) and biodiesel (40 per cent). Electricity is gaining importance, especially in short-distance transport.
“The industry needs planning security to be able to invest proactively,” concludes PwC expert Sommer.
Between resilience and risk
The German shipping industry demonstrates remarkable stability in uncertain times. But beneath the surface, issues are brewing: trade conflicts, security risks and technological uncertainties could hit the industry harder in the coming years.
PwC aptly sums it up:
“The sea remains rough – but those who navigate wisely will stay on course.”
