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BUSINESS FOUNDATION
Business Foundation
All the activities engaged in by the Alexander S. Onassis Public Benefit Foundation, from the time of its establishment up to the present day, were funded exclusively by the profits of the Business Foundation, which have been achieved thanks to the hard work, clear-sightedness and good planning of its presidency assisted by the board of directors.
The Business Foundation engages in different activities, of which shipping has always been and still remains the most significant, continuing the tradition of its founder Aristotle Onassis, who was, according to Lloyds’ List, “the most important figure in shipping in the 20th century”.
The shipping company OLYMPIC SHIPPING AND MANAGEMENT S.A. is the successor of the company OLYMPIC MARITIME, which was established by Aristotle Onassis in Paris in 1952. The company is established in Palaio Faliro, Athens Greece, and manages a fleet made up of 12 double-hulled tankers and 5 bulk carriers. 16 out of the 17 ships fly under the Greek flag and 1 under the flag of the Marshall Islands.
Around 500 seamen are currently employed, of whom 250 are Greek officers and the remaining 250 foreign sailors. With the support of SPRINGFIELD SHIPPING Co. PANAMA S.A., which has the technical management of the fleet, the guiding principles of OLYMPIC SHIPPING AND MANAGEMENT S.A. are the continuous improvement of the services offered in the areas of safety of the vessels and environmental protection.
In 2010, the assets of the Foundation are at least five times greater than those bequeathed in 1975 by Aristotle Onassis, even reckoning without the sum set aside for public benefit purposes over the years since its establishment to the present. The amount that has been expended on public benefit activities is in today’s value double the principal that Aristotle Onassis bequeathed to the Foundation initially.
More specifically, on December 6th 1975, the date of its establishment, in today’s values the assets of the Business Foundation consisted of the following:
• 25,5 vessels
of which 20.5 were tankers of a total carrying capacity of 2,539,756 DWT, and 5 were bulk carriers, of a total carrying capacity of 135,244 DWT. At the time the average age of the tankers was 10.6 years and of the bulk carriers 8.2 years.
• Liquid assets
Shares, bonds, fixed-term deposits.
• Real estate:
One building in London and 8000 sq m of land on Syngrou Avenue, Athens, where the Onassis Cardiac Surgery Centre was built.
At present the assets of the Foundation consist of the following:
• 17 vessels
of which 12 are high technology double-hulled tankers and 5 are bulk carriers, of a total carrying capacity of 2,574,547 DWT. The average age of the tankers is 12 years. The value of these vessels amounts to several times the value of the vessels inherited by the Foundation from Aristotle Onassis.
• Liquid assets:
Shares, bonds, fixed-term deposits and other portfolio investments.
• Real estate:
The Foundation possesses large property holdings in New York, London, Athens, and elsewhere, the value of which is several times the value of the real estate inherited from its founder.
The Public Benefit Foundation administers its own real estate using its own services. In all the construction or restoration work undertaken, the contractors have been supervised by or directly answerable to the Foundation.
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