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 1.7 million £1 shares in LOF, the companies wound up and the ships were transferred to LOF ownership.
