And the banks are reluctant to give securities. Trade is slowly creaking to a halt for lack of cash. But major transport doesn't work without securities.

Dealers need securities so that they can make advance payments when they want to buy and ship freight. They only get paid when a sale is made. If dealers have nothing to ship, shipowners have nothing to ship. And cutbacks in the car industry for example, are also causing them problems. According to the association of Hamburg ship brokers and agents, profit margins for a ship with 2,500 standard containers have fallen by more than fifty percent since the start of the year. And Peter Krämer, managing director of the 'Marine Service Group', a major international shipper, has seen a dramatic collapse in profits. Dan Hirschfeld and Philipp Bilsky looked round the port of Hamburg.