The German merchant fleet has shrunk for the third consecutive year and as of September it is down to 3,122 vessels, the German Shipowners' Association claims.

Since 2012, the country's transport capacity dropped by 12% and the number of ships has gone down by almost 17%.

"The decline in our commercial fleet is a disturbing development," said Alfred Hartmann, President of the German Shipowners' Association.

According to Hartmann, half of the German shipping companies operate less than five ships in their fleet. For those shipping companies, even the loss of individual ships has serious consequences on the continuity of their respective companies' businesses.