Factor | Factor | Factor | Factor |
Exploit depressions, because they create great opportunities; for this put funds aside or find finance; apply perfect timing in all kinds of decisions, starting from the big ones (Goulielmos, 2021b) | Tradition provides a confidence in copying one’s ancestors, but with able discretion, as things change | The care of shipping fathers about their children so that to become shipowners: endowed with ships & know-how! And if children and father are both in life, they have also his supervision till his death (e.g., Niarchos; Tsakos) | Greek shipowners-fathers engage their children in business with 10 commandments: 1. Apply Economies of scale, but carefully; 2 & 3. Buy/build cheap (at rock-bottom prices); 4 & 5. Apply economies of age and size (larger & younger ships); 6 & 7. Sell smaller & older vessels; 8. Disregard crises (win-win policy); 9-10 if you forgot the above 8 then in Shipping “do as Greeks do” |
Create large families (a la Petros Goulandris), no matter sex | Families are prone to set-off when made-up by brothers, cousins, sisters, nephews etc.; partners are also prone to spin-off | Intermarriages create larger fleets by shipowners being just in Church | Greeks never agree how to run a company; set-off is outside their door |
Sky is the limit, but a fall from heavens is probable & tragic; always remember: have a parachute or do not fly! | Economies of scale is a good thing! But is going to be there the proper demand? | Inexperienced banks or investors may lend money, but a shipping company has to respect their money to have it again | Learn to reduce costs in line with the level of the prevailing freight rate; this is the “Economics of Shipping” in 3 words! |