Managing Shipping Companies, the Way Their Pioneers Did: The Case-Studies of Vafias N Family and Aristotelis S. Onassis
- 1 Former Professor of Marine Economics, Faculty of Maritime and Industrial Studies, Department of Maritime Studies, University of Piraeus, Piraeus, Greece
- 2 Professor Emeritus of Shipping, Transport and Logistics Department, Business College of Athens, Athens, Greece
Abstract
We thought that the best method to teach is by example . The business life of 2 Greek shipowners is presented: of Harry Vafias, a young educated shipowner in the niche market of small LPG carriers (≤26,000 cbm), and of the legendary shipowner Aristotelis S. Onassis. Onassis dominated by building gigantic crude oil tankers, from 1938 to 1975. These cover the modern and the old . To be listed in NASDAQ was uncommon at the time of Onassis as well the institution of 3 rd party management . For Greeks, ship-owning is a way of life ; modern shipowners consider it as a business to profit… Comparison between the 2 above worlds shows the developments occurred in ship management the last 90 years or so. Certain principles, however, are present no matter the time passed: economies of scale ; maximization of tonnage owned using particular strategy; minimization of cost ; creation of competitive advantages . We presented also our theory “ to manage by Attractors ”. Finally, a reference is made to the legendary acquisition by Greeks of 107 Liberty ships from USA in 1946.
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