Bp Shipping: Long History, Recent Growth

In: Business and Management

Submitted By testtest
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British Petroleum Corporation – or BP as it is better known throughout the United States after acquiring Amoco and rebranding its gas stations – was incorporated on April 14, 1909, as the Anglo-Persian Oil Company, Ltd. The current name was adopted in 1982. BP Shipping, which is a subsidiary of BP Holdings, the same parent of BP, was founded in 1915. It is the oldest continuously operating entity in the BP group, tracing its roots back to the creation of the British Tanker Company Limited in 1915, formed to ship Anglo-Persian Oil Company oil from the Persian Gulf to the United Kingdom. In 1981 the unit was renamed BP Shipping Limited to reflect the subsidiary’s “growing involvement in wider shipping and maritime affairs.” The subsidiary currently operates semi-autonomously from its parent company. It is charged with carrying 50 percent of BP’s oil using its fleet and for brokering transportation for the other 50 percent. It is responsible for brokering any excess capacity vessels may have on return trips, as well as any other capacity not needed by BP.

The red lion ‘rampant’ on the company house flag dates back to 1954 but was re-introduced in its present form in 1984. The company began life carrying oil products from Persia. The first BP-owned oil tanker was the British Emperor, acquired in 1916. Company ships operated throughout the Second World War when more than 22 BP ships and 650 BP seafarers were lost at sea. Nine BP Shipping vessels received battle honours in the Falklands conflict of 1982. In the mid-1980s the BP-owned and operated fleet totalled more than 100 ships. A strategic study led to the rationalisation of the fleet and by the start of the 21st century most BP cargoes were moved on non-BP vessels. The renewal of the BP Shipping fleet began in 1999 with the arrival of four new build “P” Class VLCCs and the major fleet expansion commenced in 2001.…...

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