London & Overseas Freighters
: World Ships Society©
Edited with additional research by Roy Gerstner for LOF
Coat of Arms of the Corporation of the City of
Displayed on the front of the bridge of every LOF
the LOF Story:
The Merchantnavyofficers Website and LOF News
Website is indebted to
Mr. John Kulukundis for first of all contacting MNO and secondly for
informing his father Mr. Miles Kulukundis of its existence. Miles
Kulukundis contacted us and subsequently provided the information which
1992 the Kulukundis Family decided to move all its tanker operations to
Bermuda. Miles Kulukundis stated at the time that the move was not a tax
avoidance exercise, escaping to the more moderate rates of tax in Bermuda,
but the need to access non-UK capital markets to broaden its equity base.
After all the Company had more than enough tax losses to offset against UK
taxes. He also believed that the London investment community did not have
an appetite for shipping investment. He added that London and Overseas
Freighters PLC despite being listed on the London Stock Exchange had been
unable to attract overseas investment which was interested in tanker
investment at the time. The move to Bermuda placed London and Overseas
Freighters PLC in a position where it could tap in to the International
market far easier than it could had it been based in the UK.
watched other tanker companies raising money in the international markets, the Directors during the summer of 1993 decided that the time was right.
Through the auspices of Furman Selz Incorporated and Natwest Securities
the Company placed 5 million new shares at $15 a share, they were split
60% New York, 40% London.
issue was an immediate success trebling the Company's capital base thus
allowing it to plan for the future and also enabling London and Overseas
Freighters PLC to seriously consider a Fleet enlargement. In the
prospectus the Company had made it clear to potential investors that it
intended to purchase a sister ship for London Pride which they had taken
delivery of in 1993. The new ship was to be called London Glory and was
contracted in November 1993 for delivery in May of 1995. It also intended
to buy one or two second-hand Panamax tankers built post 1984.
Unfortunately the price wanted for these tankers was prohibitive. Because
the price of new buildings was falling some 10%, London and Overseas
Freighters PLC decided at the beginning of 1994 to take up its option with
Mitsui of Japan for a third ship ..
London Pride (III)
DW Tonnage: 149,686.
Built 1993 by Mitsui, delivered Mid-
Charter Expiration: July
London Pride (III) in New York
In deciding to take up the new build option Miles Kulukundis stated
that the Company would have far more confidence in the new ship as to that
of a second-hand one. The next ship was to be called London Splendour for
delivery in December of 1995.
For the financial year ending
March 1994 London and Overseas Freighters Ltd were able to report profits
of $4.2 million of which a substantial amount was due to the time charter
which the London Pride had with Chevron. Also the spot earnings enjoyed by
London Enterprise has risen from $8,000 a day to $13,000 a day between
them contributing some $2 million of the Company's profits. These profits
were the highest the Company had recorded in six years.
London Enterprise (III)
Hull: Double Sided, Epoxy Coated
Year of Build: 1983.
Charterers: Spot Market.
Meanwhile London Spirit and London Victory were
continuing to operate successfully under their respective Chevron charters
often acting as lighters at Chevron Pascagoula Refinery. The VLCC's would
anchor offshore and offload their cargo into Spirit and Victory who would
in turn deliver it to the refinery.
Victory Lightering Chevron Edinburgh.
In the annual
report of 1994 Miles Kulukundis again praised the company's personnel who
were operating the Company's ships and recognised the contribution which
they were making to the Company's continued success. In appreciation of
their efforts he authorised a share option scheme for the senior Seagoing
Staff. He went on to say ' That London and Overseas Freighters Ltd
personnel, with their invaluable experience based on London and Overseas
Freighters Ltd eighteen years of concentration on the US trade, gives us a
significant advantage when competing for term employment contracts in this
Also this year Gilbert Massac who had previously
been the CEO of Compagnie Generale Maritime and before that CEO of
Gazocean joined the Board of Directors. Two Directors stepped down from
the Board. They were Alec Anderson and John Collis who had joined the
Board when the Company moved to Bermuda. Both were to continue as the
company's legal advisors.
PROSPECTS FOR THE
With oil consumption expected to grow over the
coming three years by 4.6% and an expected increase by OPEC in production
of 10.3% which historically was matched by a similar growth in tanker
demand London and Overseas Freighters Ltd felt that it was comfortably
placed to continue its growth and maximise its profits. Along with the US
economy continuing to grow, oil consumption growing 5.7% and its own
production falling by 7.1% coupled with continued demand for higher
standards and specifications for ships entering its ports all led the
Board to feel that at last they had turned the corner. For the coming year
London and Overseas Freighters Ltd Fleet charter commitment was 82% of its
tonnage though this was expected to fall to 34% in 1995/96., Because
London and Overseas Freighters Ltd Fleet met all the safety standards set
by the US, Miles Kulukundis was optimistic that there would be a shortage
of quality tonnage on the market and that London and Overseas Freighters
Ltd was well placed to take advantage. His closing statement in the 94
Annual report was that he looked forward to the broadened opportunities
that this year's activity had provided and felt confident that our hopes
and expectations would be achieved.
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
earnings from $13,500 last year to $15,000 this year;
Enterprise served mainly the trades with California which utilized half of
her voyages. London and Overseas Freighters Ltd believed that the cost of
the high operating standards which were required by their clients in
California were matched by the payments received for the use of the
During the year under review 94/95 the four
vessel Fleet had transported 4.1 million tons of cargo on 72 voyages, of
this 86% was either loaded or discharged in the US and of that 57%
London Pride (III)
tanker Industry as a whole were experiencing difficulties with some 16
million tons of tankers being sold for scrap which included 40 VLCC's this
represented 2% of the World tanker fleet. One of the reasons given for the
downturn in demand for tankers was a substantial increase in production in
the North Sea and the subsequent redirection of Middle East oil to the Far
East, thus reducing voyage time which naturally reduced vessels required.
Sadly in June of 1995 the very remunerative charters of London
Spirit and London Victory came to an end, the profits which these two
ships were able to exact underpinned all the Corporate developments which
took place in the preceding five years. Also Chevron closed down two of
its refineries reducing its tanker requirement. Fortunately London and
Overseas Freighters Ltd were able to secure a two-year renewal of charter
for London Spirit albeit on reduced terms. London Victory entered onto the
Voyage Market and the Company was confident as to her future if London
Enterprise's experience was to be used as a yardstick.
Glory seen below under construction was delivered on the 31st May after
successfully completing her sea trials . London Splendour was set for
delivery on the 6th of December.
London Glory (III)
Deadweight Tonnage: 149,300.
Hull: Double Hull.
It was expected with
no time charter arranged for the two aforementioned ships that they would
both enter onto the Voyage Market. It was anticipated that the two ships
would be used in the Atlantic Basin delivering oil from the North Sea,
Mediterranean and West Africa to the United States. The Company's time
charter coverage was set to fall from 82% to 44% for the year 1995/96. Up
to 80% of all oil transported in the US trades was of the voyage contract
type, London and Overseas Freighters PLC time charters with Chevron were
the exception to the rule and earnings from these charters had
significantly contributed to London and Overseas Freighters PLC well
being. However the Company looked to the future with some uncertainty
because having only one ship on time charter and the rest on the Voyage
Market earnings were expected to fall.
Two new Directors were
appointed to the board 94/95. They were Mr. Douglas C. Wolcott and Mr.
David Ezekiel both had extensive experience which were pertinent to the
Miles Kulukundis in closing his report 94/95
remained upbeat about the Company's prospects and he believed that further
time charters at more favourable rates would once more manifest
The year 1996 unfortunately began tinged with sadness
with the death of the Company Chairman Mr. Derek Kimber who died in
December 1995. Mr. Kimber had joined London and Overseas Freighters PLC in
1972 as Chairman of Austin Pickersgill its shipbuilding subsidiary. London
and Overseas Freighters Ltd also experienced a large drop in its profits
which had resulted in the suspension of dividend payments in respect of
the last two quarters.
Dr. Ian McGrath was appointed as the new Chairman of London and
Overseas Freighters Ltd, his previous career was entirely spent with Royal
Dutch/Shell and was Managing Director of their Marine Division, Shell
International Shipping until his retirement in 1995.
London Splendour. (II)
Overseas Freighters Ltd Fleet performance was affected by the loss of the
two Chevron charters, the two positioning voyages of London Glory and
London Splendour from Japan to the Atlantic Basin, also London Enterprise
had undergone her first refit. All these problems added up to a fall in
profits from $8.4 million to $1.8 million. Also with the delivery of the
two Suezmax tankers the company's interest on the loans outstanding had
increased quite dramatically. On the plus side the Company's ships had
only been off hire on an average of one day each for the year, in the
current market extremely commendable. The President, Miles Kulukundis
again paid tribute not only to the builders and designers of the Company's
ships but also to the operating personnel in whose hands the fortune of
the Company truly lay. During the year 1995/96 the fleet had transported
5.4 million tons of cargo on 79 voyages with the majority of voyages on
the US trades. A welcoming sign was that there was also an upturn in
demand from European charterers for voyages from the North Sea.
Fleet List 1996
Overseas Freighters Ltd looked forward to an upturn in profits in the
coming year as its debt level and interest costs had peaked, the Company's
ships had commenced the first quarter at improved rate levels and the
demand for modern vessels with high quality operation was
The Last Board of Directors 1996
In March and April of 1997 London
and Overseas Freighters Ltd entered into negotiations with Frontline Ltd
formerly Frontline AB, a Swedish Shipowning company recently registered in
Bermuda. Frontline operated a substantial fleet of 24 vessels which
comprised nine OBOs, five VLCC's, five Suezmax tankers, three woodchip
carriers and two dry bulk ships. In February Frontline's Board had decided
that it wanted to become one of the World's largest publicly traded tanker
owning companies and had decided the best way forward was one of
amalgamation with other like minded companies.
took place between Frontline, London and Overseas Freighters Ltd and both
companies' financial advisors, London and Overseas Freighters PLC had also
entered into discussions with another company. London and Overseas
Freighters Ltd asked Frontline to submit their final proposal and on the
4th of June Frontline submitted an all stock merger proposal. On receipt
of this proposal Frontline were advised that London and Overseas
Freighters PLC had decided to pursue discussions with the other company.
On the 23rd of June Miles Kulukundis met with Tor Olav Troim to discuss an
improved offer from Frontline. After the meeting Miles Kulukundis
indicated that London and Overseas Freighters Ltd would give the offer
On the 8th of July Frontline submitted its
revised bid to London and Overseas Freighters Ltd's financial advisors
Natwest which proposed a business combination of the two companies in an
all-stock transaction, London and Overseas Freighters Ltd then entered
into an exclusive agreement with Frontline for the following thirty days.
However on the 23rd of July Frontline revised their bid whereby it
proposed to purchase 51% of the Ordinary Shares in London and Overseas
Freighters Ltd. The only reservation to the proposal which London and
Overseas Freighters Ltd insisted on was that its shareholders had the
option to choose cash or stock. After several weeks of negotiations both
parties agreed to proceed on the basis of the two-step transaction. On the
1st of September Frontline announced its intention to purchase I.C.B.
Shipping a Swedish tanker owner and operator four days later London and
Overseas Freighters Ltd's board indicated that its general consensus was
in favour of the amalgamation subject to various issues. On the 19th of
September the Boards of both companies agreed to proceed with the
amalgamation and jointly issued a Press Release announcing the merger on
the 22nd of September.
Now why the word amalgamation was still in
use at this particular part of the story I'm not really quite sure,
because after agreeing to purchase 51% of London and Overseas Freighters
Ltd surely takeover would have been more appropriate. It was accepted at
the time that Frontline's Chairman and CEO Mr. John Fredriksen had
never envisaged a joint venture but desperately wanted to own the last
three double skinned tankers which London and Overseas Freighters Ltd had
recently taken delivery of. It also was believed that he wanted the LOF's
US stock listing and that he envisaged a large amount of goodwill passing
to his own operation.
In any event the deed was completed on the
1st of November 1997, ironically it came the day after the Managing
Director of London and Overseas Freighters UK Mr. Noris Jackson retired,
Mr. Jackson's wife had performed the naming ceremonies at the launch of
London Splendour two years previous. Only two non-Executive Directors of
the Board joined Frontline and that was briefly. A few of the Office Staff
were retained for a short while and the sea going Staff either faced
redundancy or employment through a recruitment agency whose conditions I
doubt matched those of London and Overseas Freighters Ltd. The prefix
'London' also disappeared from the names of the three remaining Suezmax
ships which are now called Front Pride, Front Glory and Front Splendour.
The other three ships were sold to other Greek tanker operators and they
continue to trade in the Caribbean/US trades as they had done for LOF. The
Kulukundis family still have Marine involvements through their Company
Rethymnis and Kulukundis Ltd which I believe celebrated their one hundred
and fiftieth anniversary in 1998.
Despite the very different
operating philosophy held by Frontline and John Fredriksen, the merger
proceeded with remarkable ease as Frontline fulfilled all it's obligations
under the amalgamation agreement. This included their obligations for
redundancy payments which were met in full without any question. This was
a matter of the greatest importance to the Directors who recognised their
responsibility to all the company's personnel afloat and ashore.
is interesting to see that Frontline and John Fredriksen have gone from
strength to strength in the time since the amalgamation.
footnote and tribute to the London and Overseas Freighters Ltd Staff I
finish with the following paragraphs from the London and Overseas
Freighters Ltd final financial report dated 31st March 1997.
The Company considers its personnel a
key element in the successful implementation of its business strategy. The
reliable and efficient operation of its vessels is the key to charterers
acceptance and that operation is dependent on the personnel on board the
vessels. The Officers on board its ships are all employees of the Company.
Many of these Officers have spent much of their careers with the Company
and have extensive experience in U.S. trades.
At August 29, 1997,
the Company had 144 employees (exclusive of the lower ranks), of whom
eight were executive and management personnel, 10 were in administrative
and clerical positions, and 126 were seagoing staff. The average number of
employees during fiscal years 1997, 1996 and 1995 was 175, 147 and 129,
All Officers serving on the Company's vessels are
British, including Junior Officers and cadets. Lower crews for the
company's vessels are obtained from crewing agencies and traditionally
have been drawn from India and the Philippines.
While some of the
Company's sea Officers are members of the National Union of Marine,
Aviation and Shipping Transport Officers ("NUMAST"), the Company has never
experienced any work stoppage or labour disturbance and considers its
relations with its Officers and crew to be excellent.
Bermuda Head Office.
NOT QUITE THE END OF
The following photographs were
kindly supplied by Mr. Norris Jackson who was a Director of LOF and Managing
Director of LOF (UK). Mr Jackson joined the Company in 1953 as a Junior
Engineer and became a Chief Engineer in 1959. He subsequently moved to the
London Office in 1963 and became Fleet Superintendent. He is a Chartered
Engineer and a Fellow of the Institute of Marine Engineers, is retired in
Lincolnshire UK (Jan 2007)
Spirit and LOF 1
Taken about ten miles down river from
Rouen. At the time the vessel was on a monthly run to Rouen with Veu crude
for the production of lube oil.
Spirit and LOF 1
After one of Mr. Jackson's visits to
the 'Spirit' in LOF 1 this picture was sent to his Office. Mr. Jackson had
complained about the distance that stores had to be carried by hand to the
ship, the staff asked for a trolley, so he sent them some wheels and told
them to make some. Below is the result:
Serang and Trolleys
Reads: MT London Spirit new
'cart storesmobile', pneumatic tyres, zero gallons petrol, speed depends
on trim, with S.K. Abbas S.K Hossain, E.R. Serang, Longest serving, LOF
Crewmember, since 1951.
Taken in Amsterdam Holland.
Mr. Noris Jackson's Pride and Glory.
I had first contacted Mr. Jackson because I believed that the LOF 1
registration plate was on this 1925 3 litre Bentley which he has owned for
forty years. Alas the plate as you have seen is on the Range Rover.
Sign taken from
above the Engine Room Workshop door of the old Twin Screw Tanker London
Independence understood to have been out there by Mr. Norris Jackson when
he was Chief Engineer of the ship.
Bill Manson who acquired the
sign offers it back to Mr. Jackson if he would like it. It is currently in
possession of the LOF News Editor - Roy Gerstner.
to reproduce the following messages was kindly given by Shipping
While leafing through a box of papers late last night I came
across the following two actual documents from the past of London &
Overseas Freighters Ltd.
The first was a fax sent to the office by
the officers of the M/T London Spirit upon her sale to Pegasus (Peraticos)
before the sale of LOF to Frontline.
Date: 02nd December
Page: 1 of 1
To: London & Overseas Freighters (UK)
Attention: DAVE LLOYD/NICKY CALVERT/NOEL DAVEY/MARTIN BENNY/MARK
KINNARID/SAM WILD/SIMON JACKSON
Subject: LONDON SPIRIT DEPARTURE
FROM THE FLEET.
WE HAVE LEFT THE KEYS FOR THE SHIP UNDER THE FRONT
DOOR MAT AND WE HAVE TURNED OFF THE LIGHTS BEFORE HEADING FOR THE AIRPORT,
HOPEFULLY CLUB CLASS TRAVEL, BUT NOT HOLDING OUR BREATH THOUGH.
(BLAKE) AND VEL (ATHENS) HAVE A SPARE SET IF NEEDED.
PLEASE ASK THE NEW
OWNERS TO WATER THE PLANTS ALTHOUGH THE SHIP'S CAT HAS BEEN GIVEN IT'S
FREEDOM IN CASE THEY EAT HIM.
THE PETROL TANKS ARE FULL AND THE SHIP
IS READY FOR THE SLIPPERY DOWN HILL SLOPE.
THE OLD GIRL GETS A NEW
NAME TODAY "ELEANORA" OR "BLOODY NORA" ALTHOUGH WE CAN'T QUITE REMEMBER
WHICH BUT KNOW THE MOST APPROPRIATE.
FOR THOSE WHO APPRECIATE TRIVIA,
THE VESSEL MAIN ENGINE RAN FOR 77,820 HOURS EQUATING TO APPROX 1,200,000
MILES / 150,000 TONS OF FUEL / $16.5 MILLION WORTH OF FUEL UNDER ONE
CAREFUL OWNER & SOLD WITH FULL M.O.T.
THE EX-OFFICERS OF THE LONDON
SPIRIT WISH YOU ALL THE BEST IN THE FUTURE AND HOPEFULLY THINGS WILL TAKE
AN UPTURN AFTER CHRISTMAS.
BEST REGARDS TO EVERYONE & THANKS AGAIN
FOR ALL YOUR HELP OVER THE YEARS
THE BOYS ON THE SPIRIT
second is an editorial written by yours truly for a humorous onboard
newspaper we started on board the M/T London Pride on her maiden voyage
having spent three months standing by the vessel during final construction
at Mitsui's Chiba Works in Japan 8 years ago.
Our voyage took us from
Japan to OPL Singapore for stores, then to the UAE to load a cargo for
Batangas, from there back to OPL Singapore for orders. Eventually heading
up to Kuwait, just after the little incident with Saddam. Accompanied by
the Armilla Patrol we navigated a forty mile mine field into Kuwait,
loaded a million barrels of crude and then gingerly headed back out
through the mines with discharge orders for El Segundo. On the way across
the Pacific we ran out of cigarettes and hit some very unpleasant weather,
taking 27 degree rolls for three days....
M/T London Pride
29th October 1993
AS MY VOYAGE ON
THE M/T LONDON PRIDE AND EDITORSHIP OF THIS FINE PUBLICATION COME TO A
CLOSE, I WOULD LIKE TO TAKE THESE FEW PARAGRAPHS TO REFLECT ON THE LAST
ONE HUNDRED AND SIX DAYS.
ONE HUNDRED AND SIX DAYS IN WHICH WE
TRAVELLED OVER TWENTY EIGHT THOUSAND MILES, CARRYING OVER TWO MILLION
BARRELS OF CRUDE OIL. TO KEEP US GOING WE DRUNK APPROXIMATELY EIGHT
THOUSAND FOUR HUNDRED CUPS OF COFFEE, THREE THOUSAND FOUR HUNDRED CUPS OF
TEA AND USED EIGHT HUNDRED AND FIFTY TWO LITRES OF MILK, FEASTED ON FIVE
THOUSAND AND FORTY EGGS; SCRAMBLED, FRIED, POACHED, HARD BOILED AND
CURRIED AND CONSUMED ONE HUNDRED AND FIFTY TINS OF BAKED BEANS.
THAT'S NOT ALL WE DID FOR FIFTEEN AND A HALF WEEKS, WE OVERCAME, WE
ADAPTED, WE MADE THE BEST OF IT. WITH LESS LEISURE FACILITIES THAN
PARKHURST PRISON WE IMPROVISED. WITH THE BAREST ESSENTIALS, THIRTY VIDEO
CASSETTES AND A ROWING MACHINE DESIGNED FOR PEOPLE WITH ONLY ONE ARM WE
MADE DO. WE BUILT PICNIC TABLES TO DINE OUTSIDE, GOLF FAIRWAY ON THE
FUNNEL FLAT, COMPLETE WITH WATER HAZARDS, A HORSE RACE COURSE FOR THE
OFFICERS SMOKE ROOM, PUBLISHED THE SHIPS OWN NEWSPAPER, STRODE AROUND THE
DECK, RAN AROUND THE DECK, MADE INGENIOUS HATS FOR A HAT PARTY, FINGER
FOOD FORE BIRTHDAY PARTIES AND MIDNIGHT SNACKS JUST FOR THE HELL OF IT.
NOT TO MENTION THE DATELINE CEREMONY CREATED ENTIRELY FOR THIS TRIP, OR
THE WIND-UPS, CABIN RAIDS OR DOOR REMOVALS.
IF YOU'D ASKED ME AT THE
START HOW I FELT ABOUT SPENDING 4 MONTHS ON A TWO HUNDRED AND SIXTY NINE
METER, ONE HUNDRED AND FIFTY THOUSAND TON TANKER WITH A LOAD OF PEOPLE I'D
NEVER MET BEFORE, I DON'T KNOW WHAT I WOULD OF SAID, WHATEVER IT WOULD HAVE
BEEN I DOUBT I COULD PRINT IT HERE. BUT SAILING WITH YOU FOR THE LAST TWO
THOUSAND FIVE HUNDRED AND FORTY FOUR HOURS HAS BEEN BOTH A PLEASURE AND
AS I STOOD IN THE LIFT TRAVELLING FROM THE ENGINE ROOM WORK
SHOP TO B DECK, THE FIRST AND ONLY RECIPIENT OF THE LONDON AND OVERSEAS
"DATELINE CROSSING CEREMONY" AND HAVING BEEN STRIPPED NAKED IN FRONT OF
THE ENTIRE SHIPS COMPANY, RESTRAINED IN VICES, HAD HAIR REMOVED WITH BLUNT
SCISSORS, AIR HAMMERS AND OTHER PNEUMATIC DEVICES ATTACHED TO PARTS OF MY
BODY THAT THEY SURELY WEREN'T DESIGNED TO HAMMER AND BEEN COVERED IN VALVE
GRINDING PASTE, FIRE EXTINGUISHER FOAM, ENGINEERS MARKING BLUE, GREASE,
LUBE OIL AND GOD KNOWS WHAT ELSE I FOUND MYSELF SMILING UNCONTROLLABLY AND
FEELING COMPLETELY ALIVE. EVEN ON OPENING MY CABIN DOOR AND HAVING IT FALL
INWARDS AS SOME KIND FELLOW HAS SEEN FIT TO REMOVE IT FROM ITS HINGES, MY
MOOD WAS STILL UPBEAT.
I GUESS THAT'S WHAT IT'S ALL ABOUT, REMINDING
YOURSELF THAT YOU'RE ALIVE AND THAT EVERY DAY MAY BRING NEW CHALLENGES BUT
FACING THOSE CHALLENGES IS WHAT LIVING IS ALL ABOUT. I KNOW A LOT OF
PEOPLE ON SHORE WHO COULDN'T GO FAR WRONG BY SPENDING FOUR MONTHS ON THE
M/T LONDON PRIDE WITH OFFICER LIKE YOU TO REMIND THEM WHAT BEING ALIVE IS
ALL ABOUT. BECAUSE IF YOU CAN'T TAKE A JOKE YOU SHOULDN'T HAVE JOINED,
ANYTHING, EVER! AND A FAINT HEART NEVER FUCKED A PIG!
WISHING ALL OF
YOU EVERY SUCCESS IN THE FUTURE AND A HAPPY CHRISTMAS AND NEW YEAR, WHETHER
AT SEA OR AT HOME.
SO LONG AND THANKS FOR THE RIDE
M/T LONDON PRIDE
Postscript. - The End.
Towards the end of 1997, as the ships were being 'transferred' or
sold, the Company's Officers and support office staff were gradually made
redundant. This to many was a very sad moment in their lives and there was a
'core' of Officers and Staff, who had been with the Company for most of
their working lives and had seen to 'fortunes' of this Shipping Company
seesaw on a regular basis. Like many ex British/UK Shipping Companies, their
staff looked upon their employer with some 'loyalty' and in the case of
London & Overseas Freighters, the loyalty was regarded to flow both ways -
it is well known that LOF treated their employee's as part of the company
family. As stated by Mr. Miles Kulukundis all obligations were fully met by
In 1998 I was asked by many of my ex LOF friends and colleagues whether I
could put together a sort of News-Letter, in order that the LOF Personnel
could keep track of one another. This simple News-Letter in printed form was
sent out normally once a year after Christmas. What started with 50 or so on
the distribution list gradually grew to more than 200. After the 2004
Reunion, I decided that the printed version could not sustain itself,
because of the fact of it always being 'old' news and the costs of printing
and postage were becoming prohibitive, never mind the time it took to gather 'old' news. In 2005 I
asked around if 'anyone' would build up a Website, alas the response was
pretty weak!. I did have one offer I must gratefully admit. However since I
had a lot of archive material and the contacts to source the archive
material, I decided to move ahead and do it myself.
This 'simple' website suffices our needs at the present time. It costs are a
fraction of what a printed News-Letter would cost, and we have the ability
of remaining fairly well up-to-date.
I would personally thank many people in their support and encouragement they
have given me in this project. Especially Mr. Miles Kulukundis, who whenever
I ask is more than willing to support my efforts in all respects.
The World Ship Society
The Kulukundis Family
the Web Editor Roy Gerstner The version given is only a short historical
extract and if any further information or correspondence comes available
this extract will be modified and updated. If any reader can correct any
mistake or add details please feel free to contact me via the LOF Website.
The article is subject to copyright and permission should be obtained before
any part is used, copied, or transmitted in any format.
Roy Gerstner © January 2007