to standards, and with a technical standard on a line with what international regulations required, should however not be targeted. Moving office to Bermuda In the 1950s, Næss had offices in Nassau, Bahamas, but as he was not satisfied with the political conditions, he started searching for other options. He surveyed Panama City but found the city to be too far from New York, and it would be difficult to recruit good management there. He was advised to have a look at Bermuda, and found it favourable, so he moved his offices there. Anglo American Shipping Co. Ltd was introduced on the London Stock Exchange in November 1959, the majority of the shares owned by Norness Shipping, the remainder owned by British investors and Næss's friends within New York finance. Five vessels were ordered for the company, the largest being the Naess Sovereign and Naess Champion; both were around and built by Mitsubishi in Nagasaki, Japan. When delivered in January 1961 Naess Sovereign was the third largest tanker in the world, and the largest under the British flag. To manage the vessels Næss linked up with a company in Glasgow, establishing the firm Næss Denholm & Co. Ltd. For the shipping industry at large 1960 was a difficult year, with old tonnage laid up; Anglo American with its new vessels and long-time charters was an exception. Merger and ABC with P&O Creating Anglo American and the transfer of a number of vessels on time-charter to that company partly changed Norness Shipping to an investment company, as it held 68.5% of Anglo American's shares. As the years 1959 - 1961 were bad in the tanker market Næss placed his attention on developing large bulk carriers and arranging "affreightment" contracts for them. The focus on Norness Shipping created anxiety among Anglo American shareholders as to whether enough was being done to expand that company. This created the basis for a merger between the two companies, but that was complicated as there were serious problems connected to taxation of shareholders. The tax problem for the US Norness Shipping shareholders was solved in February 1962 and the merger talks could start in detail. The final agreement was signed on 15 December 1962; the value of Næss's original $50,000 was now $44,000,000 and the new company was named Anglo Norness Shipping Company Ltd.. In 1962, Næss learned that the P&O had ordered four bulk carriers,