Word: niarchoses
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Prepaid Junkets. Shipowner Niarchos seldom visits his 48 ships or his worldwide string of companies, keeps his office under his hat. He is a familiar figure in England, where he stables his string of race horses. In Switzerland, where he spends several weeks a year, he is known as an...
This week Niarchos had his best excuse in years for a party. In the final round of a long-standing dispute with the U.S. Government, he reached a settlement that will enable him to expand some more. Since 1953, the Government had seized 19 of Niarchos' U.S.-built ships...
Niarchos got his start in shipping while working in his family's flour-milling business in Greece in 1929. He convinced his "conservative" uncles that they could cut the cost of importing grain from Argentina by operating their own ships, later branched into shipping on his own. In 1939...
Short Ships, Long Terms. After the war Niarchos staked his insurance money on the belief that ships would be short at a time when most shippers predicted a surplus. As a "friendly" alien, he was able to buy surplus U.S. Liberties and Victories (average 1945 price: $540,000); he traded...
With the long-term charters in hand, Niarchos was able to borrow money to finance bigger, faster ships. In the U.S. he built the 45,509-ton World Glory, the world's biggest tanker when it was launched in 1954. In Japan and Sweden last year, he placed orders...