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Shipping is crucial for Denmark

Shipping is crucial for Denmark

06-01-2015 08:00:00

Denmark's Statistics new report, "Danish Foreign Economy in 2013", concludes that shipping is crucial for Denmark. The report shows that maritime transport in 2013 accounted for 50.6 percent of Danish exports of services and thus far more than other service groups.

"Shipping helps tie the globe together by providing a cheap and effective way to exchange merchandise for the benefit of all. Furthermore, shipping is important for Danish employment and economy and seems to be even more important in the coming years" says Managing Director of the Danish Ship Owners Association, Anne H. Steffensen.

In 2013, Denmark exported shipping services for 201 billion kroner, which is a record high number. Despite the low freight rates and a weaker dollar in the first half of the year, it looks like 2014 will exceed the previous year.

Danish shipping companies transport about 10 percent of the world trade, and shipping represent about 20 percent of total Danish exports.

Maritime services are performed primarily by the shipping companies. The huge surplus of this type of service is not always the same as profits for the shipping companies.

Firstly, maritime services can be carried out by others than shipping companies, including forwarding agents and ship brokers. Secondly, shipping companies have other income and expenses than sea transport. These include things like the salaries to foreign workers, foreign interest expenses and revenues, operating leases, purchase of insurance services etc.

On top of this you have to add in the purchase and sale of vessels. Last but not least, the shipping companies have significant expenses for bunkering and provisioning in foreign ports.

Source: Danish Ship Owners Association

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