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 London and Overseas Freighters PLC ability to survive in an ever contracting World market, in response they sold their remaining bulk carriers and decided to concentrate on the tanker market alone, by this time the London and Overseas Freighters PLC Fleet was down to four wholly owned tankers and a half share in a fifth ship. An unfortunate side effect in the reduction of the Fleet also meant that jobs were lost and a total of 120 personnel were made redundant, both ashore and afloat.
