Shipping and 43% by the Rockefeller family) on Naess Scheme Charters, from reputed Scandinavian shipping companies, among them A. P. Møller. Næss's theory seemed to hold; although for some years the charters ran with losses, the shipping boom after 1967 ended the 15-year charters with a solid profit. Years of explosive growth In 1956, Næss started to order vessels that he anticipated the oil companies would need in the coming years. The basis was long-term financing from banks and insurance companies in the US and other countries. He ordered four big tankers from Japanese builders; each was around , to be delivered from September 1957 to June 1958. Within a few months all four were on long-term charter, two to Socal and two to Texaco. By April 1957, Næss had ordered 20 new buildings, to be delivered over the following five years. Except for three of the vessels, they were covered by long-time charters. Seven of the vessels were to be built by Japanese shipyards, due to their high quality and prompt delivery. George Mejlænder decided to start his own brokerage firm and Næss paid him out; the company name was changed to Næss Shipping Co. Inc. As the "battle of convenience flags" heated up, Næss decided to secure his position, and on the 15 November 1958, he established Anglo American Shipping Co. Ltd on Bermuda; thus, the vessels could fly the British flag. The flag of convenience fight In 1958, the battle of convenience flags heated up and a boycott of ships sailing under such flags was declared by the ITF. Næss was having problems with insurance for his vessels and from a number of accusations of him being a "pirate." He was the chairman of the American Committee for Flags of Necessity, and as such, a highly visible target. He countered by registering vessels in Bermuda. The island required no taxes. He had to employ a British captain, chief engineer, and radio officer. Another benefit from using Bermuda was that quite a few charters were settled in British pounds, so using the British flag removed the currency risk. Næss also counter-charged by attending a conference with major British newspapers on 10 July 1958, where he stressed his view that flags of convenience did not need to be substandard. If the ITF encountered substandard vessels, he would support a boycott of them, Næss argued. Ships with crews paid according