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试谈ShippingInnovativePractice—ShippingMagnateCYTungsRoadtoSuccess学术

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Abstract:CY Tung was the pioneer of innovation and the practioner of innovative theories in modern shipping, regardless of his huge oil tanker building, container transport, institutional management or resource integration. Tung, the shipping industry he called the pioneer of innovation, Tung's road to success is a story and history of continuous innovation. In his shipping career, adhering to the innovative concept, multi—use new shipping technology, and management practice, Tung had built a team with the ability to innovate. Tung’s group, by integrating its human resources, contacts and production resources ultimately established himself in the highly competitive international shipping market and achieved his legendary of the world shipping tycoon.
Keywords:Tec IThe innovation of super tanker
Schumpeter economic theory suggests that innovation is a process for entrepreneurs to reorganize his production factors and to achieve excess profit with the risk of market. However, innovation is only realized in the production process. Furthermore, it is the tranorm effected by outside

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factor, occurres inside the enterprise that can be called as innovation. In his career of shipping, Tung has paid attention to the development of shipping both at home and abroad, to learn the latest shipping theory and technology which he been used in the shipping business.Meanwhile, with his advantages of human resources, clients relation and production factors, through combining resources and tranorming organization and management, he has won a dominant role in the competition.Consequently, Tung established himself in the severe competition of international shipping industry.
As an outstanding representative of Shanghai businesan, because he grow up in Shanghai, he possessed himself with all the advantages of Shanghai businesen, Tung has fully given play their characteristics of cautiousness and long—term vision.In addition, his creative thought has greatly helped him to get success in his career. In the mid 1930 s, confronting with the condition that the imperialists had exclusively dominated the high—level shipping of China, Tung was very indignant.Through his study and practice, he learned its disadvantages of the independent ocean shipping industry of China. Tung hoped to make China shipping industry more competitive against the big powers of shipping in the world and promote the internationalization of shipping industry of China, Butdue to political factors, he failed to realize this beautiful dream. However, he had never felt discouraged and never stopped his footstep. Until the 1940s, he had established China Shipping Trust Company, to support the shipping industry of China, which was the first key step in shipping history.As a Chinese who loved the ocean deeply, and Tung had trelled around the world, which had cultivated his uncommon international vision, as well as his broad mind, taking innovation as his pioneering idea all the time. With the rapid recovery and growth of capitali economy in the world after WWII, the demand of petroleum by some Asian countries with poor petroleum such as Japan and South Korea had greatly increased. However, the increase of oil to transport depends on the large tonnage tankers, relatively speaking, which will reduce the cost of transportation in economic view.Meanwhile,Greek magnate Onassis’ investment strategy for tanker had given Tung great inspiration. In the 1960s, Onassis had explored the great business opportunity to transport oil from the industrial development of the world, and invested most of his capital to the tankers. In his heyday, he had possessed with 45 tankers, with 15 among them were over 20—ton supertanker.With his supertankers, his fleet had become the biggest private merchant fleet with it’s annul profit over $100million. However, Tung’s supertanker dream was bigger than that of Onassis’, because

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Tung had more innovative idea and practice ability than Onassis. He had realized the business opportunity in the supertanker’s age from Onassis’ success, and he said,“With a developed shipping industry, a country could not only reduce its foreign exchange expenditure, but also increase an invisible trade income” By combing with the oil market in Asian countries as well as his own shipping experience, he proposed the vessel cost theory in a creative way. According to the theory, the tanker volume and load are in reverse proportion to the shipping cost, and to build greater volume of tanker will get lower cost of shipping but higher profits. In 1959, overcoming objections, he decided to build the biggest tanker in the world at that time, and he had invested almost one fifth of his financial resources as well as large human and material resources to build the “East Asia Giant” which had undertook her first trial trip in August 1959, and had become one of the ten titanic ships in the world. Kent Well, a famous shipping expert of Australia, had ever said: “Tung targets to develop shipping industry……therefore he had invested all the profits in the fleet even on the business of non—profit in short term in order to enlarge his career. It is such idea that has built this shipping empire, bringing more profits to Hong Kong and other areas”. In Tung’s diary, for many times he had mentioned the related issues to buy tanker.For example, in one dairy he wrote,“It is possible to buy the 55—tonnage tanker, while it is still need work hard for the next cooperation…… ” Tung’s group had greatly increased its ships by purchasing as well as by building independently, and the total tonnage has rapid increased over 12000 thousand tons in dozens of year. Although its was aller than the global group of Kong Pao————the world ShipKing, the ship variety, and individual tonnage as well as its new mechanical equipment he exceeded that of Pao.In the next twenty years, Tung had built many supertankers such as “Brazil Glory” and “Seawise Giant” etc. What is deserved to be mentioned is that Tung had bought a 42—ton tanker from a Greek ship businesan. In order to curtail expenditure for shipping and increase their advantage of cost, he ordered the technical personnel to expand the hull.With his order, they cut the hull and added another section between the two parts with great risk. During the construction, with the enlargement of the hull, the propeller and anchor should be lengthened and reinforced as well. However, Tung, leading his technical team, had overcome the technical difficulties one by one, eventually they made the ship a 56—ton supertanker, which was “Seawise Giant”———— the biggest tanker in the world so far. With his innovative spirit and courage, as well as his bre management, Tung had started new journey one by one in the shipping history of Tung’s group.
II The innovation of container shipping
According to the Schumpeter’s economic theory, innovation should and must create new value, and the outstanding performance of innovation is a new tool or method being used in the production; he also believed, any invention or innovation which failed to be applied into the production or management can’t realize its value.in the 1960s, the container has started a new era of shipping in human history; In the view of logistics, compared with the traditional shipping transportation, the container shipping has more advantages such as more convenient to load and unload, more load, higher speed, and less harm to the cargo.For the transportation of single tanker over 8000 tons, with container shipping it could extremely improve the container load for the ship each

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time, and the transshipment port could be sharply reduced, and the cost for each container would be 20% lower than that of traditional shipment, therefore it could reduce the transportation cost, to improve the profits to the extreme. This is the great advantage of container transportation, and many countries in western world, such as America, UK ,Japan and other countries began container shipping. Bing skilled in grasping the international opportunities, undoubtedly Tung would realize that, and he had ever pointed out,“With the continued development of shipping technology in the world, the shipping efficiency has played an increasingly important role in the financial success…..for the container shipment; there is still a great demand for the container shipping.”The extremely sharp—eyed Tung had realized the great strategic value of container shipping for the shipping industry, and he believed that container shipping was the primary trend for the future development of the industry. When the container shipping was still in its early period in the international shipping field, Tung had predicted that the age of container shipping has come. Facing the huge potential of container shipping, Tung issued his container shipping development strategy immediately and practiced it at once.Meanwhile, he consulted with several ship manufactures and asked them to built four container ships for him. The speed of the first container ships was over 22 miles per hour, and with 750 containers for each ship.The cost of construction for each ship had reached $30 million dollars, which was obviously an astronomical figure at that time with the erage cost of construction for a single ship being about hundreds of thousands dollars.With the succesul trial trips of the four container ships, and clients’ consistent approval on its intensified and specialized service, make Tung more confident to build his container shipping fleet. Since 1969 when he began to develop his container shipping without sparing any effort, he had spent a lot of money and had built containers and wagons, and the first container ships, as we

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ll as built his container shipping fleet in a few months, which would become the new growth points of the profit. In the first year,he had opened ship routes from Far East to the east and west coasts of America, to Europe and to South America and so on. Tung had said proudly,“All the ships of our company rented or operated along the route from Far East to Europe had been replaced by the new container ships. All the business along the route from Far East to Australia being cooperated with Australia State Shipping Company and Asia the MRT Company, he been continued to operate since 1976, and the business was very succesul”. [4]However, as a totally new mode of transportation, only with special wharves, as well as the collaboration of full equipment and resources, container shipping could work well. In the shortest time, the company had purchased some wharves in Hong Kong, Taiwan, America, and UK specially used to deposit, load or unload the containers and cargo. These wharves were very expensive, and only a wharf in UK had appreciated over three times, which indicated that Tung’s unsurpassed courage and strategic perspectiveTung clearly knew the significance of process management on the container shipping, and formulated a series of transportation system to make all departments, branch companies and wharves collaborate to load or unload the cargo and promote market, etc. With the development of situation, in order to highlight the leading role of container shipping in the company, Tung had replaced the original name Orient Overseas Shipping Company by Orient Overseas Container Line Ltd, which had implied such meaning.
The strategic innovation had promoted Tung’s shipping career, and Orient Overseas Container Line Ltd had achieved a brilliant performance in the 1970s when the global economy had encountered recession. In 1979, the turnover of the year had reached 430 million KDD, and the profit was over 120 million KDD. Since 1969, in the less four years, OOCL had 8 international lines and 30 standard containers, with its total tonnage more than 500 thousand tons. Proudly Tung said: “the container shipping line of the company has reached every comer of the world, and there is a large profit for the cargo shipped to each wharf.”“With the cooperation with the internationally famous container shipping companies, the company could be able to fully use its funds and reduce its cost to the extreme”
In other words, through his creative thought of management and container shipping strategy, Tung’s group had grasped the opportunity of shipping market, and attracted senior clients and won an advantageous position in the severe competition.
III Innovation of organization and management
As an ancient business, shipping industry had its own huge risk, such as shipping price, ship’s price, line, international situation, war, energy and financial crisis and other related factors exert a big influence on the shipping market.Furthermore, the frequent marine perils he cas

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t a shadow on the deep ocean shipping. However, the rapid development of shipping technology and the updated shipping ideas demand more creative thoughts about the management; [5] meanwhile, an efficient and pragmatic team of management is necessary to run the shipping business, and the operation and management of shipping needs higher innovation, too. According to Schumpeter, a new organization style is necessary to combine the production factors, and the innovation of management and organization is as well as important.
Under the influence of Confuciani, Tung paid attention to the innovation of organization and management, stressing “integrity” and “benevolence” in the management, and taking honesty as the basis of career. Long Denggao, a scholar said that,“Integrity was the first tradition of Chinese merchants, and almost every succesul Chinese businesan takes it as their lifeline.”Tung had kept the idea at the first priority of his business, and created his own view on integrity with his faith and action in his whole life. In the early period, he had ever proposed to establish a shipping school. In order to fulfill his promise, even during the difficult time for working funds, he still purchased the luxurious ship “Elizabeth Queen” with a huge sum of money, and tranormed her into a marine school, which however was destroyed in a fire, Later, he bought another ship “Atlantic”, and realized his dream to build a shipping school, eventually. In the company, he created ideas to train his employees, taking the existing stories as well as their own experience to educate the employee, indoctrinating them with integrity and rooted it into their deep thought, which had become the unexhausted source of their great—leap—forward development. Family enterprise has been criticized by the academic field, , because in its developing process, it often encounters many problems such as information asymmetry and rising cost of trade caused by the different moral backgrounds, and in the imperfect market, the imperfectmoral system would evoke to rise the transaction cost of the business in a large scale. At the same time, due to the complicated contradictions and conflicts of interests and power among different family members, many such kind of enterprises declined because they failed to arrange the inner issues. Therefore, combining the whole process of development, how to build an efficient and stable management team is one of the key problems which fettered the family firms’ development. Du Xuncheng stressed, for the family firm of Chinese, it is hoped to construct a management model of all family members collaborated in a harmony, which would reduce the transaction cost and business circle.As a private and family enterprise, Tung’s group has confronted with these challenges in its growth. In order to reduce the transaction cost, Tung introduced the Confuciani to the management, and he hoped to harmonize the complicated personnel relations in the management circle with Confucians ethnics. Du also suggested,“The household division and distrust of the person with different family name are two big barriers to enlarge the enterprise.” However, with his innovative idea of management, Tung had explained the advantage of family enterprise in a new way. In all his life, he appreciated the famous words by Confucius, “Young people should be filial to their parents at home and respectful to their brothers when they are with them, They should be serious and trustworthy, love the populace extensively and be close to those who are humane. When all this is done and there is time for other things, they should use it for the study of the classics” , which was regarded as the important principle for the large Tung’s Group.In his diary, Tung had many times mentioned that he educated his children with ethnic ideas of “integrity”, “filial piety”, “love” and so on, and encouraged them to practice these ideas in the actual management.IV Conclusion
Next year will be the hundredth anniversary of the birth of Tung Chaoyung ————the shipping magnate. Reviewing his stories and studying his idea of innovative practice, could help to grasp the essence of his innovative idea in higher sense, and to learn the soul of his success, which is of significance of time to inherit and publicize Tung’s innovative management idea, as well as to promote the shipping industry of China. No matter in the aspect of supertankers’ construction, container shipping, organization management, or resources integration, Tung was regarded as the pioneer of innovation in the shipping field; Tung’s success and stories was fulfilled with sustained innovation and changes. Making a general survey of Tung’s success, it could be found that: the new supertanker he created had opened the new era of international shipping and laid solid foundation for Tung’s further growth; his innovation about container shipping, conformed to the tides of international ocean shipping and provided Tung’s Group with powerful wings for future development; the innovation about organization and management had cleared the barriers of management for Tung’s Group on its growing road, and cultured its strong cohesion and vitality of the enterprise, providing unexhausted dynamic and support for the group. Life is limited, while innovation is endless. Technical innovation promoted the management innovation, and vise versa, which provided Tung with endless driving force. Therefore, it can be said, innovative thought and practice are the soul and backbone for Tung to surpass his peers, to build his shipping empire and to accomplish his peak in shipping industry.
Notes:
Huang Jiansheng, Great Economist Schumpeter [M

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]. Beijing: China Citic Press, 200

6.25—47.

Jindong Jianpin, Zheng Huixin, The World of Tung Chao Yung [M] Beijing: Joint Publishing 2007,156—2137.
[3]Dick Kent will, The Early Shipping Companies in China, [M] Australia, 1988.233.
[4]Zheng Huixin, Tung Chao Yung’s Dairy [M] Joint Publishing, 200

7.45—1136

[5]Zhang Zhongmin, The Scientific Management of Shanghai Enterprises in the 1930s [J] Shanghai Economic Review , 2003,(6):45
[6]Long Denggao, the Sociological Analysis on the Management Model of Overseas Chinese Merchants [J] Sociological Study, 1998,(2):77.
[7]Wang Yongming, Jin Kongsheng, Analysis on the Management Innovation under the Knowledge Economy[J].Journal of Chongqing University Of Post And Telecom, 2004,(2):19—20
[8]Du Xuncheng, Confucian Theories and Enterprise System in Modern China [J], Financial Study 2005,(1):72—75.
[9]Shao Yu, the Analects of Confucius [M]. Hangzhou: Zhejiang University Pres, 2010.66—67
hnological innovationintegrationsupertankercontainer transport

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