Abstract
The Norddeutsche Lloyd (NDL) in Bremen was the most important shipping company in Europe before the First World War. After the beginning of the war, its board of managers, however, was forced to change the former business strategy considerably in order to match the challenges of the war economy. As a result it lost a part of its previous freedom of manoeuvre because the NDL as well as other companies in Germany had to follow the directives of the War Ministry in Berlin. Moreover the greater part of its ships was required by the ministry and was used as subsidiary ships for the “Kaiserliche Marine”. After the war the board of managers tried to regain the former position among European shipping companies and to pursue a business strategy similar to that before 1914. All efforts, however, were just in vain. Despite several investments to build up new ships all efforts were destroyed by the effects of the hyperinflation starting in 1923. The Norddeutsche Lloyd was once again faced with a serious crisis.
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