The Business Patterns of 20 Greek-Owned Shipping Companies: What Explanations Can Be Given by Management?

Abstract

The purpose was to write the business history of a number of Greek-owned shipping family-companies and reveal their past strategies. Three out of the 20 were traditional, having more than 1 member & 1 generation, some starting in 1900, or before, and 7 out of 20, came from a Greek island. All companies grew by increasing their number of ships, but few undertook a serious shipbuilding program. Almost all companies opened a London or New York or Piraeus office, given the limited Greek trade for the expanding fast Hellenic Merchant Marine towards a global cross-trader. The majority of the companies were organized in partnerships, mainly among relatives, where a frequent splitting-up is expected. Greeks established about 1150 companies, owning/managing 4507 large vessels of 436 m dwt (18.5% of the world fleet) by 2024! Greek shipowners, however, could not face efficiently & effectively the shipping depression of the 1980s, which we have described in detail. In one company, out of the 20- specialized in Product Carriers, we consider it to be the prototype example of the Hellenic maritime entrepreneurship, for which we have, as Greeks, to be proud of!