Abstract
This article describes the Initial Public Offering (IPO) of a German ship-owning outfit (HCI Hammonia Shipping AG) in the German market and outlines its development over the first couple of years on the market, until August 2012. Directed mainly at institutional investors, the stock-listed company hit the market in an environment overwhelmingly dominated by the “KG-system” as most popular equity gathering method. However, the HCI Hammonia AG’s business model is rooted in its home market as it owns container ships that are chartered out to container shipping lines. Against all odds, the company thrived even through the first years of the downturn.
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Notes
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That is at the time of writing August 2012.
- 2.
For a comparison of tax rates, the taxation on the level of the holding company also needs to be taken into account; however, the taxable base is predominantly determined by the tonnage tax regime.
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© 2015 Springer-Verlag Berlin Heidelberg
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Krutemeier, J.W. (2015). HCI Hammonia Shipping AG: A Case Study. In: Schinas, O., Grau, C., Johns, M. (eds) HSBA Handbook on Ship Finance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-43410-9_8
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DOI: https://doi.org/10.1007/978-3-662-43410-9_8
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