What Shipping Should Learn from Stelmar

by Kevin Oates

Stelmar Shipping Ltd was established in September 1992 by Stelios Hadjioannou (“Stelios”). The company operates modern tanker tonnage; has dabbled in newbuildings; has a full corporate structure; is staffed with personnel carefully chosen from the market for their skills and experience; has a strong preference for fixed term employment, thus guaranteeing income; and has an unbroken run of profitable financial performance since the company was set up. As we go to press, Stelmar is in the process of raising about $55 million on the Cyprus Stock Exchange. Not a bad C.V. for a young company in a challenging market.

Stelios, however, has other things on his mind too. His other businesses are booming. EasyJet, a low cost, no frills airline established in 1995 to compete with the big boys in intra-European travel, is going great guns. Indeed a public flotation is likely end 2000, probably in London. EasyShop, a network of cyber cafes offering internet capacity, is expanding rapidly and proving to be very successful. More than 50 cafes are planned over the next two years all over continental Europe. EasyRent, a low cost car rental service was launched only recently. And other hi-tech internet based projects are planned like EasyBank and easy.Com.

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