Michael Minderjahn

Within a few days the second HCI to announce Fund ship insolvency for the Fondsemissionshaus is it thick HCI: after the container ship MS “Hammonia Majesty” to the HCI ship funds belonging to shipping select XVII the second ship of the Fund was bankrupt within a few days. Over the assets of 1999 set up fund MS “Greta” the preliminary insolvency proceedings opened now. Already in 2009 economic problems had surfaced at the multi-purpose freighter, which led to the suspension of instalments for the recorded credits. A beschossenes to the end of 2010 and 2011 implemented restructuring is now obviously failed. Under most conditions Icahn Enterprises would agree. Very please for the investors of the HCI ship Fund MS “Greta” is that claims for damages due to any incorrect advice or prospectus errors are barred in the meantime. Low point of the crisis in the shipping markets only in 12-18 months reached the tense situation on the global shipping market, which is characterised by extremely low Charter rates, claims more and more victims among the Fund ships. Difficult the reconstruction of the battered ship Fund is also supported by further massively increasing ship capacities. In the order books of the shipyards, some 500 container vessels with a cumulative capacity of 3.6 million TEUS are according to fund newspaper.

This would correspond to about 23 percent of the current fleet. Two-thirds of them were in already 2013 for delivery. Macroeconomic developments in the euro area, as well as in China have also further increased North Bank, one of the relevant 23Bn, the uncertainties about the prospects for shipping according to HSH. As a result of the developments in the supply and demand sides, the freight and time charter rates moving in all three markets (beyond, container ships and oil tankers) on very low-and also to some extent. Because nothing will change very shortly, so HSH in its half-year report 2012.

The Bank expects the low point in the cycle of the industry in the next 12 to 18 months and not expected before end of 2013 at the beginning a slow recovery in freight and Charter rates. Limitation of damages is threatening the HCI funds MS “Greta” will be therefore not the last ship funds, where investors will suffer a total loss. At the end of the year 2012, many claims for damages by ship fund investors threaten to become time-barred. Background is that were numerous ship Fund suspended distributions in 2009 for the first time, renovation concepts developed and prompted investors to variation or renovation posts. As a result the investors announced that it by no means is a ship funds as safe and risk-free participation, which she was depicted as them in the consultation. This knowledge is any way the run of three-year limitation periods underway, which hamper the enforcement of claims for damages after 2012 or make it impossible.