Background
Ireland had declared its neutrality when hostilities broke out and in the early years of the war much of its food needs were carried on board allied vessels. The Irish government realised that they needed to be more independent and self-sufficient. In February 1941, Seán Lemass, the Minister for Supplies stated that The creation of an Irish mercantile marine was necessary, as it was as important for the national safety as the Army.
On 21 March 1941, Irish Shipping Limited was formed as a company majority owned by the state, which held 51% of the shares. 43¾% were owned by Grain Importers Ireland Ltd and the three largest shipping companies in the state, Wexford Steamship Company, Limerick Steamship Company and Palgrave Murphy Limited, held 1¾% each. Each of the shareholders also had a representative on the board. Unfortunately the new company had a major problem in that it had no ships and needed to acquire some.
Read more about this topic: Irish Shipping
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