Rampant newbuilding ordering inthe early and mid-2000s by German retail investor-driven, tax-advantaged KG (Kommanditgesellschaft) partnerships has been widely blamed for shipping overcapacity. "It's a very, very positive thing that the German KG system has disappeared - completely collapsed -fortunately, Ⅰ think, for good," said StellarAcquisition Ⅲ CEO Akis Tsirigakis at a Capital Link forum in New York in March 2017.He may have spoken too soon.The shipping KG market has been flatlining since the global recession in 2008-09. Last year is likely to have marked rock bottom for German issuing houses. Placing activity for closed-end funds investing in ships dropped to zero, according to a market survey by German rating agency Scope. But the expectation is that 2018 will finally see a cautiousreturn of equity-raising among German retail investors for vessel projects.
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机译：在2000年代初和中期，德国零售投资者主导的，税收优惠的KG（Kommanditgesellschaft）合作伙伴对新造船的订购猖order，被普遍归咎于航运能力过剩。 Stellar r nAcquisitionⅢ执行总裁Akis Tsirigakis在三月于纽约的Capital Link论坛上说：“这是非常非常积极的事情，德国KG系统消失了-完全崩溃了，我认为这是永远的事。” 2017年。 r n他讲得太早了。 r n自2008-09年全球经济衰退以来，货运KG市场一直处于平稳状态。去年很可能是德国发行机构的最低点。根据德国评级机构Scope进行的市场调查，投资于船舶的封闭式基金的配售活动降至零。但人们预计，2018年最终将使德国散户投资者对船舶项目的筹资工作谨慎谨慎。
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