In the summer of 1965 ‘BM’ suffered a heart attack which necessitated him standing down as Managing Director, his son Bluey stepped into the breach and Stanley Sedgewick, the Company Secretary was promoted to Assistant Managing Director. BM at his own insistence retained the Chairmanship; soon he regained his health...
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For the first time in its history London and Overseas Freighters Ltd. posted a trading loss and passed on a dividend in March of 1962 it still had six cargo ships on order but had taken delivery in the June of its final tanker which had been ordered pre-1960.
Trading Loss!
In 1960 London and Overseas Freighters Ltd. went into a Limited Partnership with the Gibbs Family, a long established Welsh shipping business, the new enterprise was called Welsh Ore Carriers Limited and a new ore carrier ‘Welsh Herald’ was ordered from Austin & Pickersgill Limited. This was to be the...
Limited Partnerships
As early as 1956 London and Overseas Freighters Ltd. were actively searching for ways of reducing its tax burden, a serious consideration at the time was ‘Flags of Convenience’ which allowed Companies to reinvest its profits into new tonnage. In April London and Overseas Freighters Ltd. decided to go ahead...
Growth into Tankers and Bulk Carriers Ltds
It had always been the intention of the Brothers to invite the public to participate in what was hoped to be a lucrative venture, to this end they approached the London stock Exchange for a quotation and in February of 1951 the Authorities agreed in principle. The Stock Market stated...
LOF Stock Floated on London Stock Exchange
Concluding a lengthy negotiation, on the 19th of September the Boards of both LOF and Frontline Ltd (formerly Frontline AB, a Swedish Shipowning company recently registered in Bermuda) agreed to proceed with an amalgamation and jointly issued a Press Release announcing the merger on the 22nd of September. Now why the...
LOF Company Sold
On the 8th April 1948 London and Overseas Freighters were incorporated, at the core of the business were nine second-hand dry cargo ships owned through three holding companies, Putney Steamship Company Limited, Dorset Steamship Company Limited and Tower Steamship Company Limited. The shares of these three companies were exchanged for...