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 with its plans and set up a new Company in Bermuda with Phillip Hill, Higginson and Co. Ltd who owned Tanker Investment Trust Ltd. the new Company which was called London and Overseas Tankers Limited immediately ordered the construction of six Tankers for delivery 1958 – 1962. It also took a half interest in another Bermudan Company, London and Overseas Bulk Carriers Limited which ordered two Bulk Carriers for delivery 1960 -1961.
