Container Line's 1,000 voyages started with a single voyage and by 1989 had reached the 500th voyage.

The following is a brief history of BCL's first 500 voyages, adapted from a company history contained in its 1989 annual report and other sources.

When Bermuda Container Line issued its prospectus for public ownership in December, 1979, the company's major objective was stated as "the ownership by Bermudians of a steamship line to protect the important sea link between New York and Bermuda and thereby guarantee the stability and continuity of a first-class service''.

That objective has been achieved. Since December, 1979, BCL has provided a regular weekly service from the New York area to Bermuda. The only interruptions to that service have been caused by problems on the docks in Bermuda when no carrier could provide service.

Early in 1977, a small group of Bermudians joined together to discuss the desirability of forming a Bermuda shipping line to serve the New York to Bermuda route. The discussions continued over a number of years, with the growing interest and participation of a number of importers. The discussions eventually led to the formation of Bermuda Container Line Ltd. (BCL) on August 17, 1979.

The founding board of directors appointed Sir John Sharpe, the former Bermuda Premier, as the first president of BCL. The board began to prepare a prospectus for the sale of shares to the public, considered the appointment of a suitable management team and set about securing a vessel for the company to purchase or charter.

Container Ship Management Ltd. (CSM), a Bermuda company headed by William Brewer and Norman Morgan, was granted a five-year contract to manage BCL's affairs. Their immediate task was to lead the negotiations for a suitable vessel the BCL board had identified: the MV Oleander .

BCL entered into negotiations with NVSM Oostzee, the parent company of the Bermuda Express Service N.V. (BES), a Netherlands Antilles corporation for the purchase of the cellular container motor vessel Oleander , which had a capacity of 190 TEUs. TEU is the industry abbreviation for a 20-foot container, or the space one such container takes up.

BES served the New York to Bermuda route at the time and the board felt continuity of service with the Oleander would enhance the new company's chances of success.

A series of meetings was held in Bermuda and Amsterdam between directors of BCL, CSM and the owners of the Bermuda Express Service. On December 5, 1979, BCL purchased the Oleander and paid a sum to BES for the goodwill of the BES New York-Bermuda freight service, including contracts, mortgages, crew, insurance policies and all other assets.

BES would continue to provide technical management and advisory services to BCL and receive 20 percent of BCL's share capital as a part of the purchase price. The shares were classed as `B' shares, and entitled Oostzee to appoint two directors to the board of BCL.

The Royal Gazette carried a photograph of the signing of the contract between BCL and BES, with the following report underneath: December 7, 1979 saw the official birth of a new shipping line (managed) by, and for, Bermudians. BCL vice president Gilbert Darrell said: "Today is the culmination of many months of negotiations and preparations hopefully to ensure that we will give the Bermudian public a first-class service.'' The line would be a Bermudian service in the main, said Mr. Darrell, allowing locals to have the opportunity to join the venture through share offerings presently available.

As the contracts were being signed, the Oleander was on its way from New York on BCL voyage number one.

Norton Lilly & Co. Inc., which had been appointed the North American general agents for BCL, was initially allotted five percent of BCL's shares, and subsequently increased their shareholding to ten percent.

The shares available to the general public were not taken up by as many Bermudians as had been hoped. In 1979, money was tight, and Bermudians were waiting to see how the new shipping line would fare, before investing their money in it. "Wait and see'' were the watchwords.

The initial subscription fell short by 45,000 shares, which put a strain on BCL's operations. The first year's results were not that encouraging. Solid support of the members of the BCL board and the companies they represented, enabled BCL to carry through that difficult early period. By the end of 1981, a corner had been turned. Freight rate levels, which had eroded since 1977, were partially corrected by a series of rate increases in 1980 and 1981.

Sir John Sharpe addressed a special general meeting of BCL shareholders at City Hall on July 3, 1980, just seven months after the Oleander 's inaugural voyage.

Among his comments, Sir John pointed out that for the first time -- at least since the days of sail -- Bermudians owned, controlled and operated a freight service and a ship.

"So Bermuda now has the service; it has the ship to provide it; all it needs to guarantee its success and its indefinite service to Bermuda is more support from Bermudian importers, which I have every confidence will be forthcoming.'' Sir John said.

"The founders are strong `free-enterprisers','' Sir John continued. "They accept the principle that in most circumstances, competition has its advantages. But they believe too that in certain cases where the volume of business is limited, that it is unrealistic and uneconomical to duplicate resources.'' Sir John said: "The major investors (in BCL) are people with a knowledge of the shipping and importing business, and consequently an appreciation of the desirability of ensuring the continued stability of this service.'' By February, 1980, the total stevedoring expense in New York and Bermuda together exceeded 50 percent of BCL's revenue, leaving less than 50 cents in every dollar to meet the rest of the company's expenses.

Discussions were held with BCL's trans-shipment partner, Atlantic Container Line, who operated their own terminal at Port Elizabeth, New Jersey. The outcome was a move for BCL to the ACL terminal. The move proved beneficial, operationally and financially, cutting New York stevedoring costs by 20 percent.

In December, 1980, Sir John Sharpe was appointed Minister for Marine and Air Services and resigned the presidency of BCL to avoid a conflict of interest.

Mr. Darrell, vice president of BCL and one its founding members, was unanimously elected president in Sir John's place. It was a post in which Mr.

Darrell, a founder of the National Liberal Party, was to serve with distinction for many years.

It was noted at the July, 1981 meeting of the directors that all of the 230,000 shares originally offered had been taken up. It meant that BCL now had sufficient working capital and trading revenues to secure a sound financial base. At year's end, the red ink dried up and BCL made a tentative move into profitability.

Bermudian success story BCL was in competition on the New York to Bermuda route. The Royal Netherlands Steamship Company (RNSC) was the competitor. When BCL began to break even, it had achieved 72 percent of the revenue from the route. At about the same time, the Nedlloyd Line acquired RNSC and decided to continue operating the route.

Norman Morgan, the joint managing director of CSM, passed away in September, 1982, after a lengthy illness. A plaque to his memory was installed on the bridge of the Oleander in recognition of his tremendous contribution to the formation and organisation of BCL. He was known as a tireless worker who had always believed strongly in the ultimate success a local shipping line would achieve.

By June of 1982, that dream was becoming a reality. BCL made a profit large enough to wipe out all its past losses and enable the company to pay a small dividend to shareholders. Bermuda had its own shipping line, operated by Bermudians for Bermudians, their guests and their visitors.

To succeed Mr. Morgan, the company's managers persuaded Herbert H. Outerbridge to return to Bermuda after 15 years to join CSM, the management company, as joint managing director alongside Mr. Brewer. In May of 1983, having been aware for some time of the possible bankruptcy of the Pan Atlantic Shipping service from Jacksonville, Florida, BCL contacted the owners of the line "with the intent of taking over the service''. The offer was rebuffed, so BCL took steps to start its own service from Jacksonville.

BCL chartered the C.M.V. Hustler Ebro from Sea Containers Ltd. and secured containers and chassis as part of the package. Eller & Co. of Jacksonville was appointed agents and service commenced in July. The vessel's name was changed to Bermudiana .

At the same time, a competing service was started by a Bahamian subsidiary of Nicor Inc., a large American corporation, employing the vessel Mar Tierra .

BCL's share capital was enlarged in 1983 and Oostzee persuaded to make some of their shares available to new investors, many of whom were Bermudian.

In January, 1984, CSM recommended to the BCL board that BCL establish its own agency organisation in New York. On March 9, Bermuda Agencies Ltd. was incorporated; in mid-August it became operational, with offices at 39 Broadway in New York City.

Frans Rowaan was entrusted with heading up the new agency. He had been closely associated with Bermuda Express Service since the 1960s. Mr. Rowaan had served as an advisor to BCL and as a director, representing Oostzee.

The battle for supremacy in the Jacksonville service continued through 1984.

The line changed hands when Islandia Line N.V., a Netherlands Antilles corporation, bought it. Islandia in turn sold the company to Bermuda International Shipping Ltd. (BISL), with Islandia Line taking a 40 percent shareholding in the Bermuda company.

In 1985, following discussions between BCL and BISL, a rationalisation of the Florida service was agreed, and Somers Isles Shipping Ltd. (SISL), a joint ventuire between BCL and BISL took over the service.

The new service began with the Clifford R. Simmons , which was formerly called the Mar Tierra in July, 1985. After three voyages, she was replaced by the West German container vessel Somers Isles , with a capacity of 182 TEUs.

On becoming aware that a terminal facility suitable to BCL's requirements would be available in Perth Amboy, New Jersey, a small committee from the Board visited the facility in May. The terminal had a deep water berth, overhead container crane, straddle carriers and a 230,000 square-foot warehouse, all on 17 acres -- all the ingredients to provide a first-class, dedicated facility for BCL.

On May 25, a purchase agreement was signed, at price of $15.5 million. Closing set for September, 1986.

It was learned in September that the New York/New Jersey Waterfront Commission would not agree to a licence for a terminal to be operated for BCL at Perth Amboy using non-unionised labour. The possibility of using unionised labour was explored, but would have proven prohibitively expensive.

BCL could have been staring down the barrel of a gun, but the company was able to sell the facility on at a price which, after taxes and all associated costs, left BCL about half a million dollars ahead. The inability to operate as the company had hoped was a great disappointment.

1986 was a busy year for BCL. Some 34,575 shares belonging to Norton Lilly were made available to new investors and by year's end BCL had over 400 shareholders, 97 percent of whom were Bermudians.

SISL decided to move its operations from Jacksonville to Fernandina Beach. And BCL's technical managers, who looked after the mechanical workings and well-being of the ship, were replaced by a new company, Holland Ship Management B.V. (HSM), in which BCL had a share of ownership.

The Oleander , that iron warhorse, was increasingly making the New York to Bermuda run fully laden. A larger vessel would be needed sooner or later. In 1987, BCL began setting money aside for a new building fund and in January, 1988, in-house discussions began at BCL on the building of a new vessel to replace the Oleander .

The new ship, it was agreed, should have a capacity of at least 280 TEUs and a roll on/roll off facility. Bids to construct the vessel were received from yards in Japan, Scandinavia and Spain, among others, ranging from $13 million to $20 million.

In October, 1988, the Board authorised the building of a new vessel at the Van der Giessen-de Noord yard in the Netherlands, at a cost of $14.5 million. The vessel, which would be named the Oleander in honour of its predecessors, is 386 feet long, has a beam of 65 feet, a loaded draught of 17 feet 10 inches on a total deadweight of 4,950 tonnes and a speed of 16 knots.

She has the capacity for 360 TEUs, including 88 refrigerated containers, and enclosed deck space for 40 vehicles and wheeled cargo units. Late in the year, BCL arranged to purchase the balance of the shares in HSM which it did not already own, bringing the company 100 percent under the BCL umbrella.

This meant that BCL was a full-service shipping line in a very real sense, with its own agencies, managers and technical managers -- yet without a single full-time member of staff! On December 5, 1989, BCL celebrated its 500th voyage to Bermuda. The market value of BCL's shares was $42, four times the 1979 issue price.

BCL DATELINE December, 1979: BCL is incorporated and buys the Oleander .

1981: BCL makes an annual profit for the first time.

1984: BCL establishes its own US Agency, Bermuda Agencies Ltd., under the leadership of Frans Rowaan.

1990: The new Oleander enters the Bermuda run.

Mr. President: Gilbert Darrell, long-time president of Bermuda Container Line.

Old warhorse: Bermuda Container Line's first Oleander , which served Bermuda on more than 500 voyages from 1979 until 1990.

Snowbound: The former Oleander was snowbound for two weeks in Port Elizabeth, New Jersey in the late 1980s. When the vessel arrived in Bermuda, some of the containers still had snow on them -- prompting a snowball fight between stevedores on Hamilton Docks.

The deal: The Royal Gazette article which announced the formation of Bermuda Container Line.

MINI SUPPLEMENT SUP