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 in the gearbox to ignite. Read more here
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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, Victory and Pride, also London Enterprise which was trading on the voyage market had increased her daily time charter equivalent...
Record Profits
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 with his cousin Minas Rethymnis in 1920, his stature had increased along with that of his Company and was recognised...
Family Bereavements
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 creditors the Company sold all three of its 138,680 dwt tankers, also all non-shipping assets were disposed of this left...
Avoiding Receivership
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.
Moving Offices!
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...
Reorg Changes
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 tramp steamers worth less than £1 million to a fleet of sixteen modern ships in which the Company has invested...
BM’s Passing
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 from Novorossiysk ran aground and sank at Genoa during a force 8 gale. The ship dragged her anchors during the...
The Saddest Day
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 and Overseas Freighters Ltd. a brief respite with tankers being in short supply, the Company turned round an anticipated £1...
LOF Turnaround due to the Suez Canal
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 combined fleet to 23 ships totalling some half a million tons deadweight.