51
        
        
          +DQV $QGHUVHQ GLHG ,Q WKH IROORZLQJ \HDUV WKH FRPSDQ\
        
        
          VXIIHUHG LQFUHDVLQJ ÀQDQFLDO GLIÀFXOWLHV GXH WR DQ DJHLQJ
        
        
          ÁHHW VRPH ÀQDQFLDOO\ XQVRXQG GHFLVLRQV DQG D JHQHUDO
        
        
          UHFHVVLRQ LQ WKH IUHLJKW PDUNHW $IWHU D GLVDVWURXV YR\DJH
        
        
          from Dakar in 1989, the company’s remaining ship caught
        
        
          ÀUH DQG ZDV WRZHG WR $ELGMDQ ZKHUH 3K¡QL[ EHFDPH
        
        
          LQYROYHG LQ OHJDO GLVSXWHV WR UHFRYHU GDPDJHV %XW WKH
        
        
          compensation   obtained failed to meet the company’s debts,
        
        
          DQG 3K¡QL[ ZDV ÀQDOO\ FORVHG GRZQ LQ
        
        
          The shipping company Phønix was often engaged in
        
        
          PDUJLQDO WUDIÀF IRU PHDJUH SURÀWV 'XULQJ WKH FRPSDQ\·V
        
        
          more than 80 year-long history, there were several periods
        
        
          ZLWK VHULRXV HFRQRPLF SUREOHPV ,W ZDV RQO\ GXH WR WKH
        
        
          Andersen family’s strong ties to Phønix that the company
        
        
          FRQWLQXHG WR H[LVW IRU DV ORQJ DV LW GLG 7KH IDPLO\ RIWHQ
        
        
          went to extreme lengths to keep the company running, even
        
        
          ZKHQ WKH SURVSHFWV VHHPHG EOHDN
        
        
          Phønix’s history is an example of how non-economic
        
        
          UDWLRQDOHV FDQ LQÁXHQFH WKHRSHUDWLRQRI D VPDOO ORFDO VKLSSLQJ
        
        
          company, thereby suggesting that similar conditions could
        
        
          apply to other companies owned and operated by the same
        
        
          IDPLO\ RYHU VHYHUDO JHQHUDWLRQV
        
        
          
            107.
          
        
        
          )26 $ /E
        
        
          3ULYDW NRUUHVSRQGDQFH
        
        
          EHIUDJWHU +DQV 1LHOVHQ 3K¡QL[ $QGHUVHQ %UHY GDWHUHW FD
        
        
          RNWREHU
        
        
          
            108.
          
        
        
          )26 $ /E
        
        
          3ULYDW NRUUHVSRQGDQFH
        
        
          befragter Hans Nielsen Phønix Andersen: Brev dateret
        
        
          
            109.
          
        
        
          %UHY IUD )OHPPLQJ .RKULQJ WLO +DQV 1 3 $QGHUVHQ
        
        
          XGHQ GDWR FD
        
        
          
            110.
          
        
        
          )26 $ /E )RUKDQGOLQJVSURWRNRO
        
        
          S
        
        
          
            111.
          
        
        
          0RUWHQV¡Q RS FLW
        
        
          S
        
        
          
            112.
          
        
        
          0RUWHQV¡Q RS FLW
        
        
          S
        
        
          
            113.
          
        
        
          )26 $ /E
        
        
          'LY NRUUHVSRQGDQFH
        
        
          %UHY IUD +DQV $QGHUVHQ WLO )OHPPLQJ .RKULQJ G
        
        
          GHFHPEHU
        
        
          
            Summary
          
        
        
          The shipping company Phønix was established in 1911 in
        
        
          Esbjerg to transport freight between Esbjerg and Hamburg
        
        
          XVLQJ D VLQJOH YHVVHO 7KH IRXQGHUV ZHUH ORFDO EXVLQHVVPHQ
        
        
          and members of the Andersen family, Captain Hans Nielsen
        
        
          $QGHUVHQ KDYLQJ RSHUDWHG WKH URXWH VLQFH
        
        
          In the following years, the company operated the service
        
        
          successfully until interrupted by the First World War, during
        
        
          ZKLFK WKH FRPSDQ\ RSHUDWHG YHU\ SURÀWDEO\ E\ VKLSSLQJ
        
        
          DJULFXOWXUDO SURGXFWV WR *ULPVE\ (QJODQG $IWHU WKH ZDU
        
        
          the company returned to transporting goods form Esbjerg
        
        
          to Hamburg, continuing until the Second World War, during
        
        
          ZKLFK 3K¡QL[ DEDQGRQHG LWV VFKHGXOHG WUDIÀF DQG EHJDQ
        
        
          sailing under time charters and freight contracts in the
        
        
          %DOWLF 6HD $IWHU WKH ZDU 3K¡QL[ FRQWLQXHG LWV WLPH FKDUWHU
        
        
          strategy, gradually expanding to world-wide service as the
        
        
          (XURSHDQ IUHLJKW PDUNHW GHFOLQHG
        
        
          In 1969 a majority of Phønix’s board considered shipping
        
        
          WR EH XQSURÀWDEOH DQG WKHUHIRUH VROG WKH FRPSDQ\ WR +DQV
        
        
          Andersen and Hans Nielsen Phønix Andersen, son and
        
        
          JUDQGVRQ RI WKH IRXQGLQJ &DSWDLQ +DQV 1LHOVHQ $QGHUVHQ
        
        
          Having trouble making time charter pay, these new
        
        
          owners began combining time charters with freight
        
        
          FRQWUDFWV 7RJHWKHU WKH\ UDQ WKH FRPSDQ\ XQWLO
        
        
          ZKHQ