New York native Peter Georgiopoulos was one of shipping’s pioneers in building companies with help from private equity, but things changed a lot, and not for the better, between his start in the 1990s and his final experiences 20 years later. Georgiopoulos laid out that transition with typical bluntness on Thursday at a Marine Money conference in Manhattan as he was interviewed on stage by another veteran of the investment’s wars, Scorpio Tankers president Robert Bugbee.

Bugbee set things in motion by noting that Georgiopoulos had delivered outsized returns in the early days with his New York-listed tanker company General Maritime, particularly with respect to early backer Oaktree Capital Management. “It was a lot more fun in the early days,” Georgiopoulos reflected. “I developed a relationship with one of the Oaktree founders and I could say ‘Let’s go buy those ships.’ And while of course, it wasn’t quite that simple, there also weren’t 15 layers of decision-making. Toward the end, I had some staffer asking me “how many Xerox machines do you have in your office?” I told him, I don’t know how many Xerox machines, and it’s none of your business. If you’re worried about Xerox machines, we’re f–ked.”

The anecdote leads nicely to the present day, as Georgiopoulos is doing his own thing at the helm of Athens-based United Overseas Group (UOG). Georgiopoulos and longtime lieutenant Leo Vrondissis formed UOG and in January 2021 acquired Dubai-based United Arab Chemical Carriers (UACC) for an undisclosed price. UACC was founded in 2007 with a fleet of 22 vessels, of which 20, nine chemical tankers, two LR1s and nine MRs, were owned. “What I like about this time, I put my own money into it, it’s my company,” Georgiopoulos said. “I’ll do what I think is best, as I always try to do. I don’t have anyone to answer to.”

The pioneer in New York public listings, Genmar listed in 2001, made clear that he prefers the private-company route now. He also sounded like he can do without private equity partners going forward. “I had no private-equity friends in this deal, I don’t know that I have any private-equity friends anymore,” he said. “They’re not your friends,” he told Bugbee. “Even when you’re making a lot of money for them, they’re not your friends.”