Nedlloyd

Two Dutch companies, Stoomvaart Maatschappij Nederland (SMN) was formed in 1870 and Koninklijke Rotterdamsche Lloyd (KRL) in 1875, providing passenger and mail services between North Europe and Indonesia and subsequently extended to the Far East. Within the Dutch East Indies, inter-island services were provided by the Koninklijke Paketvaart-Maatschappij (KPM), founded in Amsterdam in 1888. In 1908 the three companies had founded the Nederlandsche Scheepvaart Unie (NSU), a group designed to aid mutually benefical co-operation.

The NSU was replaced in 1920 by the Vereenigde Nederlandsche Scheepvaartmaatschappij (VNS), which took over the Holland-British India Line from Holland Amerika Lijn (HAL) and Van Ommeren, the Holland-Australia Line from Rotterdamsche Lloyd (RL), the Holland-East Asia Line from SMN and Nigoco and the Holland East Africa Line from KNSM. Shortly afterwards the Holland West Africa Line was added in conjunction with the Hollandsche Stoomboot Maatschappij (HSM) and Koninklijke Hollandsche Lloyd (KHL). The VNS thus offered extensive liner services between Europe and the Far East, with new trading links between Europe, Middle East and South East Asia. 

In 1970, the four Dutch shipping companies joined forces to set up a 'new' Nederlandsche Scheepvaart Unie (NSU), comprising of:-

• Stoomvaart Maatschappij Nederland (SMN)
• Koninklijke Rotterdamsche Lloyd (KRL)
• Koninklijke Java-China-Paketvaart-Lijnen (KJCPL)
• Vereenigde Nederlandsche Scheepvaartmaatschappij (VNS)

In 1977 NSU changed its name to Koninklijke Nedlloyd Groep N.V. ("Royal Nedlloyd Group"), and in 1981 the Koninklijke Nederlandsche Stoomboot-Maatschappij (KNSM) merged into the group. Nedlloyd itself later merged with P&O to become P&O Nedlloyd in 1996, which was iteself taken over by Maersk in 2005.

 

Dart Containerline

Dart Containerline was a consortium of comprising of Cie Maritime Belge (CMB), Bristol City Line and Clarke Traffic  Services of Montreal, Canada. The company was incorporated in Bermuda) and commenced operations in 1969 between Antwerp and Southampton in Europe and Halifax, New York and Norfolk in North America. The consortium initially deployed three chartered 210 teu German container ships to Halifax plus four 18,000 ton "Painter" class cargo ships with container capacity of 315 teu - JORDAENS, BREUGHEL, TENIERS and RUBENS - which had been launched in 1963/64 and operated by CMB to US ports. 

Dart started to deploy its purpose-built vessels in 1970, the 1,595 teu DART AMERICA owned by Clarke and her sister ship DART ATLANTIC owned by Bristol City Line and launched in 1971. Both these vessels were later owned by the Bibby Line, which acquired Bristol City Line in 1972. The third ship, DART EUROPE was owned by CMB.

Orient Overseas Container Line (OOCL) took over the Clarke shareholding in 1973 and the Bibby shareholding in 1980. In 1978, OOCL brought a fourth ship DART CANADA in order to stretch the service to Germany.

The consortium ceased operating in 1981 when the St Lawrence Coordinated Service (SLCS) was formed by OOCL (though its subsidiary Manchester Liners), CMB and CP Ships, and Halifax was dropped for the Canadian service in favour of Montreal. The DART AMERICA became the MANCHESTER CHALLENGE, the DART ATLANTIC the CP AMBASSADOR and the DART EUROPE the CMB EUROPE, while DART CANADA become the CANADIAN EXPLORER.

The SLCS continued to operated by the successor companies, Orient Overseas Container Line, which shed the Manchester Liners name in 1988, while CMB and CP Ships created a joint venture called CanMar (Canada Maritime) in 1984 which became fully owned by CP Ships in 1993. Hapag-Lloyd took over CP Ships in 2007.

Australia Japan Container Line (AJCL)

The Australia Japan Container Line (AJCL) was formed in August 1968 by Overseas Container Lines (OCL) with Australia West Pacific Line (AWPL) and Associated Container Transportation Limited (ACT - a combination of Ben Line, Blue Star Line, Cunard (Port Line), Ellerman Lines and the Harrison Line). 

The OCL stake in this group also included the historic partners China Navigation Co. and Eastern & Australan. In 1970, CNCo. chartered the Danish dry cargo vessel NANCHAN to AJCL - an arrangement that lasted 3 years until her sale. Thereafter AJCL operated two jointly-owned 1,150 TEU cellular container ships, ARIAKE and ARAFURA (II) in a consortium that also included some of the major Japanese lines. 

In 1987, P&O bought out Ocean Transport"s 53% share in OCL and became P&O Containers. In 1991 the joint venture services covered by AJCL and AAE were amalgamated to become P&O Swire Containers (POSC) in which Swire's held 26%. POSC operated ARAFURA (II) in a consortium with ANL, Mitsui OSK (MOL), NYK and Kawasaki Kisen Kaisha (K line), serving Australia to North and East Asia.

Orient Overseas Container Line

Oriental Overseas Container Line (OOCL) was established in 1967 in Hong Kong by CY Tung. Its first fully cellular container ship was the 300 teu HONG KONG PRODUCER, an ex-Liberty ship converted in Hong Kong by the Whampoa Shipyard in 1969 which was used to transport containerized cargo across the Pacific. 

OOCL launched its first newly built fully cellular container ship of 1,200 TEU, ORIENTAL LEADER in 1971. OOCL listed as Orient Overseas (Holding) Limited (OOHL) on the Hong Kong Stock Exchange in 1973. 

The company acquired a one-third stake of Dart Line right after OOCL went public in 1973, which allowed it to enter the transatlantic trades. In 1973, OOCL also containerised its Far East-Europe service, teaming up with Japanese and European Lines to form the ACE Group. OOCL became the first Asian carrier to offer container services in the three main East-West trades. 

The group expanded further in 1980 when it acquired Furness Withy, the parent company of Manchester Liners which had a fleet of 50 ships in 1980. In 1981, OOCL acquired Seatrain's transpacific services. In 1984, OOCL took full control of Dart and launched the Canada Line in partnership with Canadian Pacific and CMB. 

As a result of the aggressive expansion, the Tung Group faced a deep financial crisis in 1985 with debts of US$2.7 Bn. It underwent a restructuring with support from mainland China interests, while also of disposing of non-core businesses, including Furness Withy which was sold in 1990 to Shaw Savill, a subsidiary of Hamburg-Sud.

OOCL came under the ownership of a new company, Oriental Overseas International Ltd (OOIL) which was a 65% subsidiary of the publicly traded OOHL while the remaining 35% belonging to Chinese interests through a Hong Kong company. Once the debt had been repayed, OOIL absorbed OOHL in 1992 and replaced it as the publicly quoted arm. In 1993, OOIL recorded a substantial profit of $127 M and was able to pay dividends for the first time in since 1985.

Blue Star Line

Blue Star Line was formed  on 28 July 1911 by the Vestey Brothers, a Liverpool-based importer of frozen meat from South America to Britain. Blue Star Line ordered their first new ship in 1914, and by the outbreak of the First World War were operating twelve refrigerated cargo ships. These were initially prefixed 'Brod', e.g. BRODFIELD, BRODHOLME and BRODLAND before the name format was altered in 1919 with the introduction of the 'Star' suffix to ship names, the first being ROYAL STAR. The company expanded its operations to include services to the Pacific coast of North America from 1920, and Australia and New Zealand from 1933. The Blue Star Line acquired Frederick Leyland and Company in 1935 and operated it as a subsidiary, while moving into passenger transport with the ordering of all-first class ships like ARANDORA STAR.

By 1939 Blue Star Line operated 39 ships. Many were requisitioned during the Second World War and the fleet suffered heavy losses, 29 ships being sunk. The Blue Star Line bought Lamport and Holt Line in 1944 and Booth Steamship Company in 1946.

Another building programme was enacted to replace wartime losses, supplemented by the purchase or hire of existing ships. In 1952 Austasia Line was formed to operate services between Singapore, Indonesia, Malaysia and Australia, while Blue Star Line took over the North American routes previously operated by the Donaldson Line in 1954. In 1957 Blue Star Line joined with three other shipping companies, the New Zealand Shipping Company, Port Line and Shaw, Savill & Albion to form the Crusader Shipping Company, and in 1965 entered a partnership with Italian shippers to form Calmeda S.p.A di Nav, Cagliari. Blue Star Line now had global interests, with ports of call on the Pacific North American coast, in Japan, New Zealand, Australia, Canada, South America and Italy. They were also one of the major shareholders, along with several other large shipping firms, in British United Airways.

Blue Star Line divested itself of its holdings in British United Airways in 1968 and became one of the founding partners that year in Associated Container Transportation (ACT). Blue Star Line gradually moved towards containerization, ending its passenger services to South America in 1972. Blue Star took over ACT's Pacific Australia Container Express (PACE) line which operated between the USA and Australia.

Blue Star Line was acquired by P&O Nedlloyd in 1998, which acquired the name and most of the assets, with the exception of most of the reefer ships, which were kept by the Vestey Group under the name Albion Reefers, and then merged with Hamburg Süd's reefer fleet under the name Star Reefers. Star Reefers was sold in July 2001 to Norwegian interests, and then subsequently merged with NYK Group as NYK Star Reefers Ltd.

The Blue Star Line ships acquired by P&O Nedlloyd, which included those operated as part of ACT, continued in service with P&O Nedlloyd under Blue Star Line names and liveries. Some of the original Blue Star vessels sold to P&O Nedlloyd traded until February 2003 on the West Coast of America to Australia and New Zealand. They were the AMERICA STAR (ex ACT 3), MELBOURNE STAR (ex ACT 4), SYDNEY STAR (ex ACT 5) and QUEENSLAND STAR (ex ACT 6). 

P&O Nedlloyd formed Reederei Blue Star in 2002 as a ship management company, from which it chartered ships. P&O Nedlloyd was acquired by the AP Moller Maersk Group in 2005 and merged into its operations to form Maersk Line. On 18 June 2009 Komrowski took over Reederei Blue Star GmbH from Maersk Ship Management. In July 2012, the Komrowski Group-owned Blue Star merged with Komrowski Befrachtungskontor and E.R. Schiffahrt to form The Blue Star Holding.

Evergreen

Evergreen Marine Corp. was established in Taiwan on 1 September 1968 by Chang Yung Fa, with a single 10,095 DWT cargo vessel, CENTRAL TRUST. It acquired two additional cargo vessels, AOSHIMA MARU and EIHO MARU, renamed EVER ISLAND and EVER STATE, in 1969. The EVER ISLAND was used to launch its first liner service in August 1968 - connecting the Far East with the Arabian-Persian Gulf.

It acquired its first newbuilding, the 15,000 DWT cargo vessel, EVER SAFETY, from the Hayashikane shipyard in January 1972 which was used to launch the Far East-Central/South America service.  

It built its first containership, the 646 teu EVER SPRING in July 1975, which was used to launch the Far East-US East Coast service. This was followed by the launch of the FE-US West Coast service in 1976. 

In March 1977, it started a container service on the FE/Caribbean route and in May 1978, it started a container service on the FE/Red Sea/Mediterranean route. In January, it also containerised the FE-Middle East service, with the converted cargo ship EVER PIONEER.

From the beginning, Evergreen operated outside of the traditional freight conferences. It also received the financial support of Marubeni Corp. in Japan.

In April 1979, Evergreen launched its Asia-Europe service, deploying the 1,214 teu EVER VITAL. 

In 1982, Evergreen launched a program to build 24 G-type containerships of 2,728 teu aimed at their planned twin round-the-world (RTW) services. The RTW services were launched in July 1984.

Zim

Zim Israel Navigation Co. was founded in June 1945 by the Jewish Agency (45%), the Histadrut (45%), and the Palestine Maritime League (10%) in order to build a merchant fleet that would make the prospective Jewish state independent of foreign shipping and to carry the large number of refugees and immigrants to Israel in the immediate post-war years. 

In 1959 the government became a one-third partner in the company and in 1965 its share rose to 80%. By the late sixties, it expanded its cargo liner services and developed its presence as an operator of bulk carriers, refrigerated ships and tankers and gave up its passenger shipping business. 

The Israel Corp acquired a 48.9% stake in Zim in 1969 and launched its first container shipping service in 1971. The Ofer Group acquired a 53% share in Israel Corp in 1999, giving it control of Zim. The government retained a 48.6% stake in Zim which was eventually sold in January 2004 to the Israel Corp, which raised its stake in Zim to 97.5%. The stake has increased to 99.7% by June 2012 following several rounds of capital injections.

United States Lines (USL)

United States Lines (USL) entered the container trades in March 1966, when the AMERICAN RACER launched the first scheduled container service across the Atlantic together with four other converted 13,300 dwt C-4 cargo ships, each of which could carry about 150 TEU. 

USL received eight AMERICAN LANCER-class 1,210 teu containerships in 1968-71 which were deployed on its Transpacific services. It also acquired a series of eight C-4 cargo ships which were lengthened and converted into 1,027 teu containerships in 1970-71 for deployment on the Transatlantic. See link.

Walter Kiddie & Co. acquired USL in January 1969 and gradually disposed of its remaining passenger liner services.

In October 1969, Sea-Land announced a deal to lease USL's 16 containerships for $61 M a year for 20 years. The deal would have made Sea-Land the largest carrier on both the Atlantic and the Pacific, and came under strong opposition from other US flagged carriers. The deal was called off in November 1970. Sea-Land then tried to take over USL and operate it as a stand-alone entity. Although the deal was approved by the FMC in January 1973, it was thwarted by antitrust concerns.

In April 1977, Malcolm McLean acquired USL for $160 M, of which $50 M went to pay off debts. By 1985, USL controlled the largest containership fleet in the world after acquiring two competitors (Moore McCormick Lines and Delta Steamship Lines) in 1982 and taking delivery of 12 newly built 4,234 teu Econships in 1984-85. 

However, just as the new Econships were delivered, freight rates fell and USL suspended all services and filed for bankruptcy on 24 November 1986. Most of its vessels were sold to Sea-Land in the reorganization plan filed on 5 July 1988. The company was formally liquidated by 1992.

The USL name was revived briefly in 2000 and 2001, as a brand name of American Classic Voyages but in October 2001, the company filed for bankruptcy. 

In May 2003, the USL name was restarted by Ed Aldridge. USL launched a China-LA service using five ships of 1,300-1,600 teu in December 2003. It teamed up with Great Western and Maruba to form the 'Americas Alliance'  in February 2005 to operate on the transpacific with five 1,600-2,200 teu ships but the partnership was terminated in January 2006 after Great Western ceased trading. USL continued to serve the transpacific trade on its own with 1,100 teu ships and slots from other carriers before launching a new ANZL service to offer FE-US-ANZ-FE services. In August 2006, ANL joined the service which employed eight ships of 1,100-1,350 teu, seven of which chartered by USL and one by ANL.

USL was finally acquired by CMA CGM in December 2007.

Ellerman Lines

Ellerman Lines was formed in 1901, with its roots from the fleet of Frederick Leyland and Bibby Line that was acquired by John Ellerman in 1892 with partners Christopher Furness and Henry O'Hagan. Ellerman took over the Liverpool firm, West India & Pacific Steamship in 1900. In 1901 Ellerman sold his fleet to J.P. Morgan, the American financier, whose aim was to establish a world-wide shipping combine, the International Mercantile Marine.  Ellerman arranged to buy back the ships serving the Mediterranean, Portugal, Montreal and Antwerp.  He augmented his new fleet by the purchase of the Papayanni City and Hall Lines in 1901.  These formed a new company, Ellerman Lines Ltd.  Westcott and Laurance, which traded from London to the Mediterranean, was purchased in 1902, and Bucknall, trading to South Africa, in 1908.

The larger of the purchased lines remained distinct units after their acquisition.  In 1916 the Wilson Line of Hull was purchased by Ellerman.  The group lost ships in the First World War and weathered the financial crises of the interwar period.  Ellerman died in 1933.  By 1939 the group owned 109 ships, of which 58 were lost in the Second World War.  The ships were replaced but trading became more difficult with the introduction of containerisation.

In 1966 Ellerman joined the Associated Container Lines (ACT) consortium and started the successful containerisation of the Mediterranean services.  In 1973 the group, which by now, had many other interests beyond shipping, including hotels, brewing and printing, merged all its shipping companies into one division.  Ten years later the whole business was sold to the Barclay brothers after making heavy losses.  In 1985 the shipping business was purchased by its management, then sold to Trafalgar House to become Cunard-Ellerman in 1987, and in 1991, it was sold to the Andrew Weir Shipping Group.

In December 2002, Hamburg Sud acquired the NW Europe-Med and NW Europe-Middle East trades of Andrew Weir, which were traded under the Ellerman Lines brand. The Ellerman name was officially dropped in January 2005.

Cunard Line

Cunard began its participation in container shipping in 1966, when it became a partner in the multinational consortia Atlantic Container Lines (ACL) and, through its subsidiary the Port Line, Associated Container Transportation (ACT).

Trafalgar House, a diversified investment company, acquired Cunard in August 1971.   

Cunard acquired Ellerman Lines in 1987 to form Cunard-Ellerman. Its stake in ACL was sold in 1989 while the remaining shipping interests were sold to Andrew Weir Shipping in 1991 after Cunard decided to abandon cargo shipping to focus on cruise shipping.

Pan-Atlantic

Malcolm McLean acquired the Pan-Atlantic Steamship Corporation in January 1955 from Waterman Steamship for $7 million with seven C-2 cargo ships included in the sale. 

McLean then acquired two T-2 tankers through Pan-Atlantic and refitted them with spar decks to carry trailers. The two converted T-2 tankers, IDEAL X and ALMENA, which can carry 58 trailer units of 33 feet length on deck, became the world's first containerships when they entered service in April 1956. Together with two more converted T-2 tankers (MAXTON and COALINGA HILLS), they were deployed on Pan-Atlantic's Port Newark-Houston coastal service.

The T-2 tankers were replaced by six converted C-2 cargo ships that entered service in 1957. The converted C-2 ships can carry 226 containers of 35 feet length, stacked four high in the holds and two high on deck, and were fitted with two movable gantry cranes for self sustained cargo operations. The Port Newark-Houston service was expanded with an additional service calling Port Newark, Miami, New Orleans, Tampa, Port Newark in 1957 and a service to Puerto Rico in 1958.

From 1960, the Pan-Atlantic name was dropped and McLean adopted the name Sea-Land Service.

 

P&O Container Ltd (P&OCL)

P&O was a leader in the containerization movement with the development of Overseas Containers Ltd. (OCL), which was established in 1965 by 4 British shipping companies (P&O with Ocean Steamship, British & Commonwealth and Furness Withy). In 1986 P&O purchased the remaining shares of OCL that was not already owned by it, switching the name to P&O Containers Ltd. 

In December 1996 P&O Containers merged with Royal Nedlloyd (Nedlloyd Line) to form a 50/50 joint venture, P&O Nedlloyd. P&O Nedlloyd expanded further in February 1998 with the purchase of Blue Star Line's container business and Tasman Express Line in February 1999. The company also acquired the container business of Farrell Lines in June 2000 and Harrison Line in September 2000.

In 2004, Royal Nedlloyd bought the remaining shares from P&O and the company was listed as Royal P&O Nedlloyd on the Dutch stock exchange. 

On May 2005, Maersk launched its plans to buy P&O Nedlloyd for €2.3 billion. The acquisition was completed on August 13, 2005. Royal P&O Nedlloyd shares ended trading on September 5 of the same year. On February of 2006, the new merged companies took on the name Maersk Line.

Atlantic Container Line (ACL)

Atlantic Container Line (ACL) was formed in May 1965 by four European shipping companies (Holland America Line, Swedish America Line, Transatlantic Steamship and Wallenius) to containerise the Europe-North America East Coast trade. They were joined by Compagnie Generale Transatlantique and Cunard in 1967 with each partner holding a 20% share each except SAL and Transatlantic which owned 10%.

ACL was a pioneer in the use of container/roro vessels starting with the ATLANTIC SPAN in 1967, the first of ACL's four G-1 (first generation) conro vessels with 700 teu container capacity and space for rolling cargo. They were followed by the six 845 teu G-2 class conro vessels (built in 1969-70) and the five 2,100 teu G-3 conro vessels (built in 1984-85). The G-3 ships were lengthened in 1986-7, from 250m to 292m, raising their capacity to 2,900 teu, allowing ACL to enter into a slot cooperation with Hapag-Lloyd on the transatlantic trade.

In January 1975, SAL acquired Holland America Line's cargo transportation business including the 10% share in ACL, and the business was renamed Incotrans (Intercontinental Transport). In 1983, ACL's ownership changed again with Wallenius, Cunard and CGM (the new name of CGT) each at 22.22%, Transatlantic had 11.11% and SAL/Incotrans split their share into 17.22% and 5%. In 1984 SAL/Incotrans was acquired by Transatlantic, which in turn was bought by Swedish transportation company Bilspedition.

In 1989, Bilspedition/Transatlantic, which already held 33.33% of ACL, acquired the shares of Wallenius, CGM and Cunard to become the sole owner of ACL. Bilspedition also took over Wallenius' and Cunard's stakes in Gulf Container Line (GCL) and integrated it into the ACL network. 

A public offering for ACL by Bilspedition was successfully made in 1994 and the company was listed on the Oslo Stock Exchange.

ACL's ships remained under the ownership of its previous partners but by 1996, it acquired full ownership of its fleet with the final purchase of ATLANTIC CARTIER from CGM.

Bilspedition's stake in ACL, which was reduced from 100% to around 15% after the public listing, was sold in early 1997 to US-based Holt Cargo Systems, a company involved in terminal operations and which controls Navieras de Puerto Rico. After raising its stake in ACL to about 30% in 1998, Holt made an unsuccesful bid to take control of ACL. 

In August 2000, the Grimaldi Group acquired Holt's shares in ACL and raised its holdings to 44% to become ACL's largest shareholder. In September 2000, CMA CGM has bought 10.04% of ACL shares. In 2001, Grimaldi launched a mandatory bid for ACL after its sharehodings exceeded 45% and increased its stake to 81%, and then to 91% after acquiring CMA CGM's stake in October 2001. ACL became a wholly owned unit of the Grimaldi Group in 2007.

ACL commenced studies on a new generation G-4 conro vessels in 2008 and finally placed an order in August 2012 with Hudong-Zhonghua for five units for delivery in 2015 to replace the aging G-3 units. The G-4s can carry 3,800 teu with 28,900 sqm of roro space, including a car capacity of 1,307 vehicles.

Associated Container Transportation (ACT)

Associated Container Transport (ACT) was created on the 12 January 1966 by five British shipping companies - Ben Line, Blue Star Line, Cunard (Port Line), Ellerman Lines and the Harrison Line. It was formed as a rival to OCL, with ACT member lines to participate in newly containerised trades where they had existing conventional liner services.

In August 1967, Blue Star, Ellerman and Port Line joined together to form the Associated Container Transport (Australia) or ACT(A) to containerise the Europe-Australia trade with Blue Star and Port Line taking a 42.5% share while Ellerman had 15%. Three containerships of 1,130 teu were ordered (ACT 1/2/3) with the third ship ACT 3 subsequently acquired by Australian National Line (ANL) and renamed AUSTRALIAN ENDEAVOUR.

The Europe-Australia container service was launched in partnership with OCL in March 1969, with ACT/ANL providing 3 ships and OCL 5 ships.  

Another ACT subsidiary, Pacific America Container Express (PACE) Line was formed in March 1971 for the ANZ-East Coast North America trade. ACT/ANL operated four 1,270 teu ships on this service (ACT 3/4/5 and AUSTRALIAN EXPLORER). 

Over the years, some of the ACT partners left and their shares were swallowed by Cunard, leaving Blue Star and Cunard as the remaining partners (with Cunard owning 57.5% of the pool). ACT was split up in 1991, with P&OCL (the successor of OCL) taking over the Europe-ANZ business and Blue Star keeping the US-ANZ business. Cunard, which had acquired Ellerman Lines in 1988, decided to abandon cargo shipping to focus on cruise ships and sold off its cargo vessel fleet in 1989-1991.

Overseas Containers Ltd (OCL)

Overseas Containers Limited (OCL) was a joint venture of four British shipping companies that were involved in conventional liner trades, comprising of P&O, Ocean Steamship, British & Commonwealth and Furness Withy.

It was incorporated on 27 August 1965, with each partners' shareholding to vary based on their holdings in the trades that were containerised and transferred to OCL. Unlike its rival ACT, each partner automatically acquired an interest in every trade that OCL entered.

Evolution of OCL Shareholdings (1965-1986)                      P&O          Ocean        B&C       Furness Withy
1) At start of Europe-Australia service (Mar 1969)             37.0%        19.5%        15.2%        28.3%
2) After entry in FE-Europe & Aust-Japan (Sep 1972)         30.0%        49.0%        7.6%          13.4%
3) After entry in SAECS & ANZL (Nov 1977)                       30.7%        33.9%        19.4%        16.0%
4) After entry in Eur-Jeddah (Nov 1979)                            30.9%        34.1%        19.2%        15.8%
5) After withdrawal of Furness Withy (Nov 1980)               36.7%        40.5%        22.8%
6) After entry in Eur-Gulf & East Africa (Nov 1981)            47.4%        32.8%        19.8%
7) After P&O buy out of remaining partners (May 1986)    100.0%