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Manning the Schulte Group Company History The shipping career of the Schulte family began in 1883, founded by Konsul Johann Hermann Schulte. The company started out with ship broking and ship agency, but by the turn of the century, they had acquired 12 sailing vessels. The first steamship was bought before World War I and a shipyard was founded in 1917. At the on set of World War II the seagoing fleet of Schulte stood at 16 vessels. In 1971, the first vessel was flagged out to Liberia. One year later, the first offshore ship management company was established in Cyprus. The success of this venture and the ever-growing business, took a logical course to the Far East. Eurasia was set up in Hong Kong in 1981. The soul of ship management is the people who man these ships. Indian seafarers had already established their credentials globally through their competence and commitment, wholly deserving the reputation of being amongst the best in the world. Recognizing this potential, the Schulte Group set its sights on India. Introduction Starting out as a Representative office of the Schulte Group in India in 1990, Paramount Shipping & Mgmt. Pvt. Ltd. was incorporated in 1992 with offices at Bandra Kurla Complex Mumbai. The initial years at Bandra saw Paramount establish itself as a reputed and trustworthy manning agency, both from the seafarer's and the ship manager's point of view. To tap the potential of the North Indian region, a representative office was set up in New Delhi in 1995, which was upgraded to a full-fledged office by 1996. The year 1996 also saw a consolidation of all the Eurasia controlled companies. A common corporate logo was established - the green globe driven by three waves of moving banners representing a constant synergetic movement across the globe. The next three years saw the Eurasia fleet burgeoning, from 20 ships to over 50 by the end of 1999. Paramount met this challenge of incredible growth with great success, taking the rolls above 700 seafarers. The Company's unrestricted and fair manning policies have resulted in a very low turnover of seafarers. A many-fold escalation in seafarer recruitment meant a proportional increase in shore staff, thus necessitating the requirement for a larger office premises. The need for an in-house training centre had also been felt for long. By 1999, Eurasia had also established an independent Management Company in Mumbai, to look after clients in the Indian Subcontinent and Middle East region. Dr. H. Schulte, Chairman of the Group, inaugurated the new offices on February 28, 2000, further reinforcing their long-term commitment to India. Located on the banks of the Powai Lake, in the lush surroundings of Hiranandani Gardens, "Olympia" is now home for Paramount and Eurasia in India. The soul of ship management is the people who man these ships. Paramount Shipping & Management Pvt. Ltd.