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Risk,Returnand
8ShippingCompany
Economics
Awisemanwillmakemoreopportunitiesthanhefinds.
(SirFrancisBacon,Englishauthor,courtier,andphilosopher,1561–1626)
Thepessimistseesdifficultyineveryopportunity.Theoptimistseestheopportunityinevery
difficulty.
(SirWinstonChurchill,Britishprimeminister)
8.1THEPERFORMANCEOFSHIPPINGINVESTMENTS
Theshippingreturnparadox
Intheearly1950sAristotleOnassis,oneofshipping’smostcolourfulentrepreneurs,
hatchedaplantotakeoverthetransportofSaudiArabia’soil.On20January1954he
signedthe‘JiddahAgreement’withtheSaudiFinanceMinister,establishingtheSaudi
ArabianMaritimeCompany(SAMCO)toshipSaudioil.InitiallyOnassiswastosupply
500,000tonsoftankers,andastheARAMCO(theUS-controlledSaudioil
concession)fleetbecameobsolete,SAMCOwouldreplacetheirshipswithitsown.In
MayKingSaudratifiedthetreatyandOnassis’biggesttanker,launchedinGermany,
wasnamedtheAlMalikSaudAl-Awainhishonour.
Needlesstosay,theoilcompaniesdidnotwelcomeaprivateshipownercontrolling
thisstrategicoilresource,nordidtheAmericangovernment.ARAMCOturnedaway
Onassis’tankersfromitsterminalandtheUSStateDepartmentpressedSaudiArabia
todroptheagreement.OnassisbecamethetargetofanFBIinvestigationandthecoup
becameadisaster.Astheshippingcycleturneddowninthesummerof1956,Onassis’s
tankerfleetwaslaidup.Thenhegotlucky.On25July1956EgyptnationalizedtheSuez
Canal,andinOctoberIsrael,BritainandFranceinvadedEgypttowinbackcontrol.
DuringthisconflictEgyptblockedtheCanalwith46sunkenshipsandMiddleEastoil
boundfortheNorthAtlantichadtobeshi
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