O. Mejlænder, a number of vessels were secured for Norwegian owners. Næss later regretted the decision to stay on as his rivals Onassis and Niarchos got a head start on him. Establishing the Næss group In November 1946, after leaving Nortraship, Næss established the company Næss, Mejlænder & Co. Inc. in New York with a capital of $50,000. They quickly set up two companies in Panama, Nortuna Shipping Company Inc. and Norness Shipping Company Inc. Næss managed to secure financing from J. P. Morgan & Co. which became a pillar in the group's growth. Nortuna bought four old US general cargo ships, and two liners were ordered from Mitsubishi Shipbuilding & Engineering in Tokyo, to be built by their dock in Yokohama. Næss made his first visit to Japan in 1949 when the country was still occupied by US forces, and the orders were the first from a foreigner after the war. In the years to come, Japanese shipyards were to deliver around 30 vessels to the Næss group. The vessels were named Sagura and Yama, the latter sold just after delivery as the market was bad. That was a huge mistake as the war in Korea broke out and the demand for vessels soared. After selling the four old vessels, Næss liquidated Nortuna Shipping and concentrated on Norness Shipping. After a slow start, he started using "Contracts of Affreightment" in a 1954 agreement with American Independent Oil Company, of San Francisco. The contract stipulated that a given amount of oil was to be transported to Houston, Texas from the Persian Gulf. The form of the contract gave Næss room to arrange the best possible conditions for transporting the oil, both for him and the oil company. The terms of the contract created a small sensation, and Næss was summoned for a lunch in the Petroleum Club of Houston. After the Korean War the market dived, but as an economist, Næss was sure the market would rise again. To realize this idea , Næss organised the "Naess Scheme Charters", where he would take other shipowners' vessels on long-term charters. The spirit behind this was pooling resources; each would do what one did best. The shipowners supplying tonnage would build, finance and manage, while Næss as the charterer would do his utmost to place the vessels. From 1954 ten vessels were chartered by Scandinavian American Shipping Company (owned 57% by Norness