Leadership in World Shipping
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Leadership in World Shipping Greek Family Firms in International Business Ioannis Theotokas University of the Aegean, Greece and Gelina Harlaftis Ionian University, Greece © Ioannis Theotokas and Gelina Harlaftis 2009 English Translation © Alexandra Doumas 2009 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published in Greek 2004 by ELIA and 2007 by Alexandria English translation published 2009 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave®and Macmillan®are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN-13: 978–0–230–57642–1 hardback ISBN-10: 0–230–57642–7 hardback This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10987654321 18 17 16 15 14 13 12 11 10 09 Printed and bound in Great Britain by CPI Antony Rowe, Chippenham and Eastbourne To Professor Basil Metaxas, who set his seal on both our careers This page intentionally left blank Contents List of Figures x List of Tables xi Terms and Abbreviations xii Acknowledgements xiii Preface to the English Edition xvi Introduction 1 Part I SHIPOWNERS, FIRMS AND SHIPPING 9 Chapter 1 International Freight Markets and Greek-owned Shipping, 1945–2000 11 1.1 The division of freight markets 12 1.2 World seaborne trade 13 1.3 The international fleet and freight markets 16 Chapter 2 Greek-owned Shipping Companies 29 2.1 Greek-owned shipping companies 29 2.2 The size of shipping companies 31 2.3 The fragmentation of shipping companies 38 2.4 The economic background of ‘non traditional’ shipowners 41 2.5 The business philosophy of Greek shipowners 44 2.6 Family firms 46 Inset 1: Safety at sea 51 Chapter 3 Strategies of Greek Shipping Companies 53 3.1 Cost leadership and competitiveness 54 3.2 Choice of flag and maritime labour 57 Inset 2: Greek seamen 61 3.3 Innovation and competitiveness 64 Inset 3: Competition and specialization: the case of the Lascarides Group 66 Inset 4: Costamare: at the peak of the container-ship market 67 3.4 The investment strategy of Greek-owned shipping businesses 68 Chapter 4 Greek and British Shipping Companies 76 4.1 Network and family 76 4.2 Organizational and managerial patterns 77 4.3 Entrepreneurial methods 88 vii viii Contents Chapter 5 Shipping Companies, the Economy and the State 92 5.1 Shipping capital and the Greek economy 92 5.2 The Piraeus maritime centre 96 5.3 The Greek state and shipping 98 Part II FAMILY SHIPPING BUSINESSES 101 1. Agoudimos 35. Epifaniades 2. Alafouzos 36. Eugenides 3. Alexandratos 37. Fafalios 4. Anastasiou 38. Frangistas 5. Andreadis 39. Frangos 6. Andrianopoulos 40. Georgilis 7. Angelakis 41. Georgopoulos 8. Angelicoussis 42. Giavridis 9. Angelopoulos 43. Glyptis 10. Apodiakos 44. Golden Union Group 11. Bacolitsas (Andreadis–Veniamis–Gavriil) 12. Bodosakis-Athanasiadis 45. Goulandris 13. Callimanopulos 46. Goumas 14. Cambanis 47. Gourdomichalis 15. Carras 48. Gratsos 16. Caroussis 49. Gregos 17. Catsogiorgis 50. Hadjilias 18. Chandris 51. Halcoussis 19. Comninos 52. Hadjioannou, Loukas 20. Constantopoulos 53. Hadjioannou, Vasos 21. Cotzias 54. Hatzipateras 22. Coulouthros 55. Inglessis 23. Coumantaros 56. Kallikis 24. Coustas 57. Karageorgis 25. Daifas 58. Kedros 26. Dalacouras 59. Kollakis 27. Dambassis 60. Kollintzas 28. Diamantis 61. Konialidis 29. Dracopoulos 62. Kulukundis 30. Economou 63. Kyriakou 31. Efstathiou 64. Kyrtatas 32. Efthimiou 65. Lai(e)mos 33. Eletson Group (Karastamatis, 66. Latsis Kertsikoff, Hadjieleftheriadis) 67. Lekanidis 34. Embiricos 68. Lentoudis Contents ix 69. Leventakis 106. Polemis 70. Li(y)gnos 107. Ponticos 71. Livanos 108. Potamianos 72. Logothetis 109. Pothitos 73. Los 110. Roussos 74. Lykiardopulos 111. Samonas 75. Lyras 112. Sarlis 76. Mamidakis 113. Scoufalos 77. Marcantonakis 114. Sigalas 78. Marchessini 115. Sitinas 79. Markou 116. Soutos 80. Margaronis 117. Stafylopatis 81. Martinos 118. Stathatos-Zavos 82. Matsas 119. Stravelakis 83. Mavrakakis 120. Symbouras 84. Mavroleon 121. Tattos 85. Methenitis 122. Theocharidis 86. Michalos 123. Theodoracopoulos 87. Moundreas 124. Theodoridis 88. Mouskas 125. Tricoglou 89. Negro(e)ponte 126. Tsakiroglou (Tsakiris) 90. Niarchos, Stavros 127. Tsakos 91. Nicolaou 128. Tsangaris 92. Nomikos 129. Tsavliris 93. Onassis, Aristotle 130. Tsikopoulos 94. Paleokrassas 131. Tzanetatos 95. Palios 132. Vardinoyannis 96. Panayotidis 133. Vatis 97. Papachristidis 134. Venizelos 98. Papadakis 135. Ventouris 99. Papadimitriou 136. Vergottis 100. Papageorgiou 137. Vernicos 101. Papalios 138. Vlassopulos 102. Pappas 139. Voyazides 103. Pateras 140. Xylas 104. Peraticos 141. Yannagas 105. Pittas 142. Zacharis Appendix: Greek Family Shipping Businesses Active 1945–2000 321 Notes 330 Sources 334 Index 343 List of Figures 1.1 World trade, 1948–2000 16 1.2 World fleet, 1950–2000 23 2.1 Organizational model of Greek-owned shipping enterprises 30 4.1 The tramp shipping company 78 x List of Tables 1.1 World seaborne trade, 1948–2000 14 1.2 The composition of the world fleet, 1950–2000 18 1.3 Development of freight-rate indices by voyage, 1969–1990 25 1.4 The largest fleets, 1970–2000 27 1.5 The ten largest maritime powers in terms of actual ownership, 2000 27 2.1 The top ten Greek shipowning groups, 1938–2000 33 2.2 Number and average fleet capacity of Greek-owned shipping companies 35 2.3 Percentage distribution of Greek-owned shipping companies on the basis of the size of their fleet 35 2.4 The average age of ships in years by category of company size (1969–1990) 36 2.5 Shipowning families with more than 30 years’ activity in the international freight markets, 1945–2000, and their fragmentation 39 2.6 Shipowning families with more than 30 years’ activity in international freight markets, 1945–2000 42 2.7 Professional origin of ‘non-traditional’ shipowners with more than 30 years’ activity in international freight markets, 1945–2000 43 3.1 Greek-owned fleet and fleet under the Greek flag (1949–2000) 59 3.2 Indicative returns of buying and selling ships by Greek shipowners 73 4.1 The largest British tramp-shipping businesses: 1910, 1939, 1970 82 4.2 Places of origin of Greek shipowning families, 1914, 1939, 1975 83 xi Terms and Abbreviations Aframax Ships of carrying capacity 70,000–100,000 dwt BC Bulk carrier Capesize Ships of carrying capacity from 80,000 dwt to more than 200,000 dwt dwt Dead-weight tonnage grt Gross registered tonnage nrt net registered tonnage Handysize Ships of carrying capacity 18,000–30,000 dwt Handymax Ships of carrying capacity 30,000–50,000 dwt LNG Liquid natural gas tanker LPG Liquid petroleum gas tanker OBO Ore bulk oil carriers Panamax Ships of carrying capacity 50,000–70,000 dwt, allowing passage through the Panama canal Reefer Refrigerated cargo carrier Suezmax Tankers of carrying capacity 100,000–200,000 dwt, allowing passage through the Suez canal teu Twenty-foot equivalent unit TSH Tanker ship Tweendeckers Cargo ships with double decks, able to carry more than one type of cargo VLCC Tanker ships of carrying capacity 200,000–300,000 dwt ULCC Tanker ships of carrying capacity of more than 300,000 dwt xii Acknowledgements We would like to express our gratitude to the Stavros S. Niarchos Founda- tion and its president Constantinos Dracopoulos for the direct support and funding for the research of this book, while sincerest thanks are also due to Epameinondas Pharmakis. Our warm thanks also to the Hellenic Literary and Historical Archive (ELIA) and its president Manos Haritatos for entrusting to us the creation of this volume, first published in Greek. Without the contribution and the collaboration of the families presented in this volume, the final result would have been far different. We are espe- cially grateful to the following people for giving their time and information: Ioannis Angelakis, Katerina Angelaki, Constantinos Angelopoulos, Nina Angelopoulou, Gerasimos Agoudimos, Aristeides and Ioannis Alafouzos, Spyros Alexandratos, Georgios Alexopoulos, Ioannis C. Aloupis, Othon Anastasiou, the Andreadis family, Jini Andrianopoulou, Charalambos Anni- nos, Ioannis Aretaios, Yorgos Arnaoutis, Yorgos Afentoulis, Vasilis and Rebecca Bakolitsas, Grigoris Callimanopulos, Leonidas Z. Cambanis, Irene Pontikou-Carra, Constantinos I. Carras, Petros Carras, Christos I. Carras, Constantinos Caroussis, Panagis Chadoulis, Dimitrios Chalkiadas, the Chan- dris family, Nikos Cotzias, the Coumantaros family, Yannis Coustas, Georgios Dalakouras, Irene Dambasi, Ioannis Diamantis, Vasileios Douzinas, Ioannis Dracopoulos, Anna Dracopoulou, Maria Fafaliou-Pantelidou, Epameinondas Embiricos, Loukas and Charalambos Fafalios, Stamos I. Fafalios, Nikolaos Fistes, Marcos Foros, Nikos and Marily Frangistas, Marcos I. Frangos, Nikos Frangos, Georgios Gavriil, Marios Georgiou, Constantinos Georgopoulos, Ioannis Giannakopoulos, Ioannis Giavridis, Costas Glyptis, Gikas and Ioan- nis Goumas, Ioannis V.