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Y. K. Pao, My FatherMy Father$
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Anna Pao Sohmen

Print publication date: 2013

Print ISBN-13: 9789888083312

Published to Hong Kong Scholarship Online: January 2014

DOI: 10.5790/hongkong/9789888083312.001.0001

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PRINTED FROM HONG KONG SCHOLARSHIP ONLINE (www.hongkong.universitypressscholarship.com). (c) Copyright Hong Kong University Press, 2021. An individual user may print out a PDF of a single chapter of a monograph in HKSO for personal use.date: 27 July 2021

The Road to Success

The Road to Success

Chapter:
(p.37) 3 The Road to Success
Source:
Y. K. Pao, My Father
Author(s):

Anna Pao Sohmen

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888083312.003.0004

Sir Y. K. Pao's low-risk-taking policy in his shipping business is largely attributed to his banking background. He had good reasons to partner with the Japanese shipbuilders, and he was highly respected by the Japanese. He earned his first fortune by securing a letter of credit from Japanese bankers. He was crowned “Lord of the Sea” by Newsweek magazine in 1979. Sir Y. K. Pao put great emphasis on a disciplined private life, and he was rigorous in training his successor Helmut Sohmen. Despite the global economic downturn in the early 1980s, World-Wide Shipping successfully weathered the crisis due to a series of shrewd measures. The author later decided to join the company, and under the chairmanship of Helmut, the shipping firm achieved numerous triumphs and continued to blossom.

Keywords:   World-Wide Shipping, Lord of the Sea, Japanese shipbuilders, Japanese bankers, Successor, Success, Sir Y.K. Pao, Hong Kong, Biography

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