Back in the 1990s roughly 76% of the 1,200 vessels purchased by these closed-end funds were fully cellular containerships. Another 4% involved multipurpose/boxships.
But then the Asian economic crisis of 1997 hit the market and some German fundraisers faced performance problems with their Far East charterers. Minds focused on opportunities elsewhere.
However, tankers were not virgin territory. Dortmund-based Dr Peters had largely pioneered the acquisition of wet tonnage and it continues to lead the field.
