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Eigenkapitalbeschaffung in der Schiffsfinanzierung

Eigenkapitalbeschaffung in der Schiffsfinanzierung


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About the Book

Getrieben durch die positive Entwicklung der Weltwirtschaft konnte der Welthandel in den vergangenen Jahren ein überproportionales Wachstum verzeichnen. Der Großteil dieses Handels lässt sich ausschließlich über Schiffe abwickeln, sodass die weltweite Nachfrage nach Schiffstonnage ein kontinuierliches Wachstum verzeichnet. Die Folge dieser Entwicklung ist ein stetig steigender Kapitalbedarf in der Schiffsfinanzierung. Als Kapitalquellen bieten sich verschiedene Finanzierungsinstrumente an, wovon das Schiffshypothekendarlehen, gemessen am Volumen die mit Abstand größte Bedeutung hat. Allerdings lassen sich auch Schiffe nicht ausschließlich mit Fremdkapital finanzieren. In Deutschland erfolgt die Eigenkapitalversorgung vor allem durch das so genannte KG-Modell. Hierbei werden Schiffsbeteiligungsgesellschaften in der Rechtsform einer GmbH & Co. KG als geschlossene Fonds konzipiert. Von großer Bedeutung ist in diesem Zusammenhang die pauschale Gewinnermittlung nach der Tonnagesteuer, die den Anlegern eine nahezu steuerfreie Vereinnahmung der aus dem Fonds erhaltenen Ausschüttungen ermöglicht. Das KG-Modell ist allerdings nicht in der Lage, den gesamten Eigenkapitalbedarf der Schiffsfinanzierung zu decken, so dass die Notwendigkeit nach weiteren Kapitalquellen besteht. Hierbei ist insbesondere an institutionelle Anleger zu denken, die in der Lage sind große Beträge bereitzustellen und sich bisher kaum im Bereich der Schifffahrtsmärkte engagiert haben. Börsennotierte Modelle wie die Schifffahrts-AG oder das Modell des Business Trusts in Singapur bringen ebenso wie die Konzeption eines offenen Schiffsfonds eine marktgerechtere Bewertung mit sich und sind verhältnismäßig fungibel. Daher sind sie auch für institutionelle Anleger geeignet. Aufgrund ihres innovativen Charakters müssen sich die neuen Produkte jedoch erst noch etablieren. Diese Arbeit liefert eine vergleichende Darstellung über die aktuell diskutierten Alternativen zum klassischen deutschen Schiffsfonds. Dabe
About the Author: Jörg Jahnel, Diplom-Kaufmann (FH), Studium der Betriebswirtschaft an der Fachhochschule Osnabrück, Abschluss im Juni 2007, Der Autor ist derzeit tätig als Junior-Projektmanager im Bereich Schifffahrt bei einem Emissionshaus für geschlossene Fonds und strukturierte Kapitalmarktprodukte.


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Product Details
  • ISBN-13: 9783836654258
  • Publisher: Diplomica Verlag Gmbh
  • ISBN-10: 3836654253
  • Publisher Date: 16 Oct 2007


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