Becoming a Shipping Magnate

Hi Scott,

I recently heard about investing in shipping containers through a company based in Hong Kong called Pacific Tycoon. They lease the containers owned by individuals and rent them to the shipping industry. The individual is paid a monthly rent equal to 12% of the purchase price of the container. I would need to take out a loan to purchase the containers so I was just wondering if you think it would be a wise investment?

Mel

Hi Mel,

I’m not the sharpest tool in the shed. However, I googled “Pacific Tycoon”, and the second listing was the Western Australian Government’s ScamWatch website. You should check it out -- they use very amusing puns for government bureaucrats: “investing in a sea container may not be a water-tight investment”. Gold! To which I’ll add, ‘it sounds like a load of ship to me!’.

The ScamWatch site sums up the investment opportunity by saying: “be aware that if an investment scheme turns out to be a web-based fraud by overseas criminals, authorities in Australia may not have the resources or appropriate international powers and law enforcement connections to find those responsible or trace your money”.

Scott