Beacon No. 1 2004 - Skuld

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Targeting Target By Ingeborg S. Berge, <strong>Skuld</strong>, in Piraeus, Greece Concentrating on modern tonnage and carrying out an extensive renewal programme has brought Target Marine S.A. to the forefront of Greek shipping. Its Manager, Anthony Comninos, is free-spoken as he tells us the story of the company and his opinion on some of the challenges facing a major shipowner today. Close to the sea in Kastella, the most picturesque area of Piraeus, lies a beautiful, neoclassical building. This building, together with a modern extension, houses the offices of Target Marine S.A. Target Marine was founded in 1986 and has, over the years, become a wellestablished and reputable shipping company known world-wide. The Chairman and founder of Target Marine is Mr. Anthony Comninos, a prominent figure in the Greek shipping community. Mr. Comninos is married and has a daughter. He grew up in Piraeus and, despite living in the Athens suburbs, still retains a strong bond to Piraeus. Currently, it is home to Target Marine and a large part of Mr. Comninos’ private art collection. Art is very important to Mr. Comninos and he is an eminent collector of artwork depicting the Greek War of Independence against the Ottoman Empire in 1821. Family business Mr. Comninos’ family entered shipping in 1938, following his father’s involvement with coastal vessels. – I began my shipping career in 1960 during vacation time as an office boy in my father’s company, says Mr. Comninos with a smile. In the 1960's, he joined his brother Costas and two others in a partnership managing mainly tanker vessels. The next step was a new venture with his brother set up in 1972, the Comninos Brothers Co. The company developed into one of the largest and best-known reefer management companies in Greece. In 1986, Anthony Comninos set up his own business, Target Marine. The company has grown into a well-managed organisation with a mixed fleet of container vessels, reefers and bulk carriers. Several product tankers are also under construction. The neoclassical building, dating back to the 19th century, used to be the first Admiralty house of Greece and is listed by the Greek state as a building of historical value. At the end of the 1980’s, the building was close to collapse when Anthony Comninos purchased it and began renovation. He then put substantial resources into bringing it back to its original style. 6 BEACON Anthony Comninos pictured in his Piraeus office
Marine bulk carrier and tanker vessels. – This has been the right time for growth and development. We are building a fleet for the next twenty years, says Mr. Comninos. Quality and newbuildings Target Marine has established a reputation in the international shipping industry for maintaining a fleet with high standards of performance, reliability and safety. So far in his career, Mr. Comninos has handled more than 200 vessels. At the headquarters in Piraeus, there is a team of 50 highly qualified and experienced staff members, working in the technical, operational, financial and legal fields. At sea, Target Marine employs around 1,000 people. Officers are mostly Greek, but some other nationalities are also represented. The lower crew is mainly from the Philippines and Ukraine. Fleet Since 1986, Target Marine has purchased and/or managed more than 70 vessels. The fleet has varied between 20-25 ships in any given period. Target Marine concentrates on modern tonnage, such as the Leda, built in 2001 Reefers used to be the big business. However, in 1993 Mr. Comninos entered the container sector and has since acquired a total of 15 container vessels. Seven of them are in the current fleet, along with eight reefers and two bulk carriers. – Our business is diversified today as in the past, says Mr. Comninos. – We want a stability of earnings and controllable cash flow in the long run, and so far we have achieved both. A majority of the tonnage runs on medium or long-term contracts to first class charterers. The company is presently growing through investments in a newbuilding programme, and sees a shift away from reefers into container, The company now concentrates on modern tonnage and has carried out an extensive renewal programme. In 2001, the company acquired four highspecification newbuilding panamax bulk carriers (75,000 dwt.) from Korea’s Samho-Hyundai. In August <strong>2004</strong>, two high-specification handymax bulk carriers (54,000 dwt.) will be delivered from Onomichi Shipyard in Japan. There are plans for more. Two product tankers (46,000 dwt.) will be delivered from STX Shipyard in Korea in 2005 and four clean panamax tankers (75,000 dwt.) are due in 2007 from the same yard. Future How do you picture the future? – We are happy the way we are, for now, says Mr. Comninos. – We have created a solid and flexible organisation, well equipped to progress further and provide its employees with a secure and motivating working environment. BEACON 7
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