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However, Saudi Arabia had a deal with the U.S. In the early 1950s, Onassis had bought even more tankers and tried to strike a deal with the King of Saudi Arabia to transport oil from the Arabian-American Oil Company (ARAMCO) with his fleet. The Greek shipowner made large profits when the Big Oil companies like Mobil, Socony, and Texaco signed long-term contracts known as “time charters” at fixed prices before the spot market fell. This and his astute business sense helped Onassis amass enormous profits in the highly competitive shipping market. Onassis’ fleet had mostly Panamanian and Liberian flags and sailed tax-free while operating at low cost. Most of the fleet operated under flags of convenience, a common practice among shipowners. The Onassis fleet of freighters and tankers was expanding, eventually exceeding seventy vessels. Soon, Onassis made another shrewd business decision, to move his base to New York, while at the same time keeping his offices in Buenos Aires and Athens open. This enabled him to build a giant of a company with very little capital. Soon after he established his first-ever shipping and trading company, known as ”Astilleros Onassis”, the Greek businessman saw his enterprise expand.ĭuring the Great Depression, while many businesses were being shut down all over the world, Onassis bought his first vessels - for less than half of their real value. Having been exposed to the shipping world through his tobacco-importing business, Onassis realized that much more money could be earned if he changed his business model to that of shipping only. At the age of 25, he had become a millionaire, which led him to his next major decision. Soon, he put his plan into action, beginning with importing the tobacco himself, and became an overnight success in the cigarette industry.įollowing the use of clever marketing practices, including having a Greek singer use his cigarettes, Onassis began to amass his huge fortune. Onassis thought perhaps he could begin production of this type of cigarette on his own. Legend has it that his life was about to change forever when he overheard a telephone call about an idea to create a new type of cigarette which would be targeted toward women. Having endured hardships of every kind, and being obliged to live a life of poverty for years, Onassis didn’t hesitate to dream big.