The tanker 'Olympic Legacy'

The tanker 'Olympic Legend'

The tanker 'Olympic Future'

Real Estate of the Onassis Foundation in London

Real Estate of the Onassis Foundation in NYC (5th Avenue)

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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 traditionally remains the most significant, continuing the tradition of its founder Aristotle Onassis, who was, according to Lloyds List shipping newspaper, the most important figure in shipping enterprise in the 20th century.

During the 2nd World War, Aristotle Onassis had installed his shipping enterprise in New York.

The management company OLYMPIC SHIPPING AND MANAGEMENT S.A. is the successor of OLYMPIC MARITIME S.A., which was established by Aristotle Onassis in Paris in 1952 and then operated from Monaco until the early 1990s. Since then the company has relocated in Athens and specifically in Palaio Faliro. It manages a fleet made up of 15 double-hulled tankers, 7 bulk carriers and 2 on order bulk carriers. 14 ships fly under the Greek flag and 8 under the flag of the Marshall Islands.  OLYMPIC SHIPPING AND MANAGEMENT S.A. provides services for the commercial operation of the vessels (chartering) and their accounting monitoring.

SPRINGFIELD SHIPPING Co. PANAMA S.A. has the technical management of the fleet, and its guiding principles are the continuous improvement of the services offered in the areas of crew and vessels’ safety and environmental protection. 

The ship's crew comprises 600 seafarers, of whom 200 are Greek and 80 Russian officers and the rest 320 are foreign seafarers.

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In 2015, the assets of the Business Foundation are at least five times greater than those bequeathed in 1975 by Aristotle Onassis, even reckoning without the significant 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, the assets of the Business Foundation consisted of the following:

25,5 vessels
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 controlled ultimately by the Foundation consist of the following:

26 vessels
15 high technology double-hulled tankers, 7 bulk carriers, 2 high technology double-hulled tankers to be delivered by the end of 2015 and 2 on order bulk carriers to be delivered in the first quarter of 2016 of a total carrying capacity of 5,217,739 DWT. The average age of the tankers is 9 years and of the bulk carriers is 5 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 controls large property holdings in U.S.A., London, Bucharest and Athens, while the real estate inherited from its founder was only one building in London.

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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