Here’s a timeline view of major events in LOF History.
London and Overseas Freighters incorporated
8th April 1948
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…
Read moreLOF Stock Floated on London Stock Exchange
20th March 1951
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…
Read moreGrowth into Tankers and Bulk Carriers Ltds
5th December 1956
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…
Read moreLimited Partnerships
1st January 1960
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…
Read moreTrading Loss!
1st March 1962
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…
Read moreMD Changes
1st July 1965
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…
Read moreTankers Ownership
1st October 1966
In October 1966 London and Overseas Freighters Ltd. purchased the remaining 50% interest in London Overseas Tankers in exchange for shares in London and Overseas Freighters Ltd., this brought its…
Read moreLOF Turnaround due to the Suez Canal
1st March 1968
In 1967 London and Overseas Freighters Ltd. were heading for a sixth yearly loss in a row when the Suez Canal shut for the second time, the closure gave London…
Read moreThe Saddest Day
9th April 1970
9th April 1970 is recorded as being the saddest day in the Company’s 40 year history when London Valour, a 24,900 dwt bulk carrier carrying 24,000 tons of iron ore…
Read moreThe Pioneer Incident
9th December 1975
During the morning 12-4 watch of Tuesday 9th December 1975, an Engine explosion and fire occurred at 01:50 (ships time) probably due to a HP turbine coupling shearing, causing oil…
Read moreBM’s Passing
30th November 1978
On the 30th November 1978 BM died, he had participated at the Company’s inception thirty years earlier with his cousins and had seen the Company grow from nine old second-hand…
Read moreReorg Changes
1st January 1983
On the 1st January 1983 Stanley Sedgwick became Joint Chairman and Miles Kulukundis took over the role of Managing Director. Also this year the recession was taking its toll on…
Read moreMoving Offices!
1st June 1984
In June of 1984 London and Overseas Freighters PLC moved its offices from Balfour Place in the West End of London to 15, Fetter Lane in the City of London.
Read moreAvoiding Receivership
11th December 1985
With still too many ships chasing too little cargo London and Overseas Freighters PLC’s fortunes slipped even further in 1985 with bankruptcy becoming a real possibility. To stave off its…
Read moreFamily Bereavements
1st August 1988
In August of 1988 the President of the Company Manuel Kulukundis died in New York weeks short of his 90th birthday, he laid down the foundations of the Company along…
Read moreRecord Profits
1st January 1995
In 1995 London and Overseas Freighters Ltd recorded record profits of $8.4 million the highest for seven years, the profits were underpinned by the Chevron time charters of London Spirit,…
Read moreLOF Company Sold
1st November 1997
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…
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