Nicolás Mihanovich

Nicolás Mihanovich (1846–1929) was a Croatian Argentine businessman closely linked to the development of the Argentine merchant marine.

Life and times

The Beginnings Niccolò Mihanovich was born in the Kingdom of Dalmatia, Austrian Empire, in what is today Croatia, in 1846. Self-educated, he arrived in Buenos Aires in 1868 and formed a partnership with two of his countrymen: Gerónimo Zuanich and Octavio Cosulich. Operating five steam ships by 1879, the group initiated scheduled transports from Buenos Aires to the then-remote outposts of Bahía Blanca and Carmen de Patagones. The new route's success led to the purchase of the 1,500-ton Watergeus, which received a materials transport contract from the rapidly expanding Buenos Aires Great Southern Railway, and to the 1887 establishment of the first ferry service between Buenos Aires and Colonia del Sacramento (Uruguay).

Already the majority stakeholder in Nicolás Mihanovich y Compañía, he bought out his partners in 1888. Facing increasing competition in the late 1880s, the Mihanovich Company's strong financial base put it in a position of great advantage following the ruinous Panic of 1890, which began in Argentina when the overissuance of local bonds by the Barings Bank led to their collapse in value. The first major steam ship operator to fold was La Platense, whose assets of over 1.2 million gold pesos (a similar amount in US$) Mihanovich was able to purchase in 1894 for only 92,000.

Mihanovich would operate not only Latin America's largest shipping company, but also the region's premier shipyard, allowing the group to dispense with the outsourcing of repairs. The company began to issue stock and by 1907, the company's market capitalization reached 7 million gold pesos (Mihanovich's brother, Miguel, sons (Pedro y Nicolás) and other relatives remained majority stakeholders). and an abattoir, among others.

The company, however, remained closest to the British Empire, and although the Mihanovich family owned a 70% share, the company was registered in London. Every new steamer was, moreover, purchased from England's famed shipbuilders, including the 6,177-ton freighter Centenario (one of the largest at that time in the world).

Twilight Competition from the railways helped prompt Mihanovich to sell a number of his surplus freighters to European governments (newly embroiled in World War I). The perceived conflict of interest in having Mihanovich, an Austro-Hungarian citizen and official, direct a British-controlled shipping company led to his retirement from the board of directors, in 1916. His elder son, Pedro, briefly succeeded him, though in 1918, Mihanovich sold his family's stake in the group to a consortium led by a British shipping magnate, Owen Philipps, later Lord Kylsant, and an Argentine investor, Alberto Dodero. The ship NICOLAS MIHANOVICH was built in 1962.

Ships Buenos Aires, 1924 Ciudad de Buenos Aires 1914 Ciudad de Montevideo Eolo, 1896 Helios, 1923 Luna Lambaré Paris 1910 PS Bruselas, 1911 Rivadavia, 1918 (Aguapey) San Martin Triton Tridente Venus Washington, 1906