Word: isbrandtsen
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...could face heavy losses because it operates warehouse facilities in which missing oil was supposedly stored, and issued receipts for it. Also locked into commodity deals with Allied that stand to cost them money were Chicago's Walter E. Heller & Co., A. E. Staley Manufacturing Co. (starch), Isbrandtsen & Co., and 13 other firms...
...LINES CO. passed from control of Mrs. Josephine Bay Paul, chairman, and her husband C. Michael Paul to a rival shipping line. For about $8 million, the Pauls sold their 25% control of American Export, which operates a 30-ship fleet, including the liners Independence and Constitution, to the Isbrandtsen Co., which owns and operates 20 American-flag ships and charters some 30 others...
Among U.S. shippers, the Isbrandtsen Steamship Line is a lone sea wolf. The biggest independent line operator in the world, Isbrandtsen has fought governments around the globe in the name of freedom of the seas, has battled fellow shippers to establish free rates. Last week, after a ten-year battle, Isbrandtsen recorded the most important victory in its log book. Ruling in Isbrandtsen's favor, the U.S. Supreme Court struck down the rate-setting practices of the international shipping conferences-voluntary groups of U.S. and foreign lines-thus opening the way for a flurry of price-cutting...
About half the 112 freight shipping conferences operating in U.S. foreign trade try to freeze out the independent shippers by a "dual rate" policy, i.e., rates up to 10% lower than standard for customers who use only conference ships. Isbrandtsen has refused to join such conferences, holding that they are cartels that add to the cost of foreign trade and discourage free competition. In the early 1950s the line captured 30% of cargoes between Japan and the U.S. East Coast (with only 11% of the sailings) by setting prices 10% below those of the Japan-Atlantic & Gulf Freight Conference...
...Tough Isbrandtsen Founder Hans Isbrandtsen challenged the legality of the dual rate, fought it through many courts before he died in 1953. Since then, the company has carried on his battle under .the leadership of his son Jakob, 36, now company president. The Department of Agriculture, which ships huge quantities of surplus food, and the Justice Department joined the fray-but on Isbrandtsen's side...