Further Diversification

In 1974, the company joined with P. & O. Line and the Fitzwilton Group in establishing Seahorse Ltd. This was a venture into the servicing of the offshore exploration industry through the provision of shore based facilities, warehousing and supply services to oil rigs and production platforms. This company was headed by W. B. Lynch, an appointment which effectively ended his role as part of the management team in Irish Shipping Limited.

Port Services Ltd., which was established on 1st November, 1970, incorporated the stevedoring interests of Irish Shipping Limited and R. A. Burke Ltd. at the port of Dublin. The company held a 49% stake in this venture. In 1978, Port Services Ltd. amalgamated with George Bell (Stevedoring) Ltd. to form Associated Port Terminals Ltd. This company eventually became part of the Oceanbank Developments' group of companies through its holding company Portroe Investments Ltd. In the late 1970s and early 1980s it seemed as if the management of Irish Shipping Limited had become fascinated with the almost infinite variety of available corporate structures.

In June, 1972, the company joined with the Insurance Corporation of Ireland to form a joint venture in the Property Corporation of Ireland. The first venture undertaken by the new company was the development of the site at Merrion Hall, Strand Road, Sandymount, property which had been acquired by Irish Shipping Limited some years previously. It was on this site that the office block, which included the Irish Shipping Head Office, was developed over the following two years. This venture also became an Oceanbank Developments' company in 1982.

Irish Shipping Limited also provided Consultancy services to the Irish Naval Service in 1971 in the construction of the L.E. Deirdre and subsequently developed this form of advisory function for interested clients.

In 1973, Irish Shipping Limited entered into a pooling arrangement with the Reardon Smith Line of Cardiff under the trading name of Celtic Bulk Carriers. The company assigned the four bulk carriers built at Govan to the pool which, with the seven Reardon Smith vessels involved, brought the pool tonnage to almost 300,000 tons deadweight. The Irish Shipping vessels in the pool were the Irish Pine, Irish Maple, Irish Oak and Irish Larch, each with a deadweight in excess of 26,000 tons.

Unfortunately, subsequent decisions taken by this partnership were to have disastrous consequences for both partners and will be considered in detail later in this story.