Denmark’s rise would put it at third in the world, following Japan and China
After a disastrous 2009, Danish shipping looks poised to generate the most revenue in Europe and the third most in the world, behind Japan and China, the Copenhagen post reports.
The Danish ship owners’ association, Danmarks Rederiforening, calculated that the nation’s shipping fleet is poised to generate an estimated 190 billion kroner this year, the largest profits in Europe.
The development means that Denmark is on the brink of achieving the 2006 vision set forward by the then trade minister, Bendt Bendtsen (K), that Denmark should be the most profitable maritime nation in Europe.
While other European nations, such as Germany and Greece, have a larger shipping fleet than Denmark, the Danish fleet generally transports goods that are more valuable, thus generating more revenue.
Danish shipping firms also have their sights set on finding more success in the lucrative US market.
Currently, A.P. Moller – Maersk and other Danish shipping companies enjoy profits of over 30 billion kroner a year from the US market, around 15 percent of total revenue. Peter Taksøe-Jensen, the Danish ambassador to the US, expects an even larger payoff in the future.
According to Danmarks Rederiforening, aside from the 15 percent earned in the US, Danish shipping makes 25 percent of its earnings in Europe, 20 percent in China (including Hong Kong), ten percent in Japan and East Asia, ten percent in the Middle East and India, and 20 percent elsewhere in the world.
Denmark’s rise to the zenith of European shipping would put it at third in the world, following Japan and China.