A few decades ago, shipowners were real people who had paid for the ship/bulk carrier/tanker/LNG/LPG carrier and had it built to carry the cargoes chosen by shipowners on trades determined by shipowners to specific geographical areas. If successful, shipowners would build more ships and, as the number grew, they would eventually have a fleet of ships. Shipowners would have the crews of the ships employed directly by the company and there would be a career path for those that remained with the company. In these days, a shipowner may be a bank, a fund manager or a group of individuals who have the money and want to invest in shipping. These type of shipowners might have no shipping knowledge and/or experience. Therefore, in many cases, the people, companies or organisations who own the ship have no expertise in shipping. In such a cases, the need to find a good ship management company becomes extremely important to ensure that there is a return on the investment. The shipowner may manage and operate the entire company or sub-contract parts of organisation. In special cases, they may sub-contract the ownership of the ship by bareboat charter.