oil companies. Nonetheless, he managed to break into the market by acquiring a second-hand tanker that came attached with a charter. The tanker, renamed World Oriental, was soon joined by World Continental and World Universal. Pao continued approaching potential customers and then Standard Oil-Esso eventually gave him a chance. By 1964, Pao had nine tankers that were chartered by oil companies. The company's first very large crude carrier (VLCC) was constructed by Kawasaki Heavy Industries and named World Chief in 1969. Another 42 VLCCs were added to the fleet between 1970 and 1974 and most were constructed in Japan. World-Wide survived the first oil crisis as it had reliable charterers for its vessels. However, the company had to implement drastic measures to survive the second oil crisis. Anna Pao's husband, Dr. Helmut Sohmen convinced Pao of the severity of the crisis. The founder then promptly sold 140 ships within five years. The timely sales ensured that World-Wide Shipping was in a much better state than its competitors after the crisis as it was in a better position to cope with the increasing popularity of voyage charters and low freight costs. Change of leadership Sir Y.K. Pao retired in 1986 and Dr. Helmut Sohmen, who joined the company in 1970, took over. As shipyards were in a dismal state after the crisis and eager for new orders at low prices, World-Wide Shipping purchased six tankers from Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering before the market recovered and in time to enjoy the higher freight rates during the First Gulf War. World-Wide Shipping again commissioned Daewoo to build another six VLCCs and Daewoo would go on to be the main builder of World-Wide's ships. Acquisition of Bergesen d.y. ASA By 2000, Dr. Helmut Sohmen had identified two companies, Bergesen d.y. ASA and Iino Kaiun Kaisha, which had good management and assets. However, the share prices of both companies did not appear to wholly capture the value of the companies. The Sohmen family's investment management team began investing in both companies and continued stake building for two years. Although Sohmen had conveyed his friendly intentions, Iino's management sought to maintain the status quo and did not want World-Wide to hold more shares than the largest shareholder. Respecting Iino's wishes, World-Wide called off the plan and sold off its shares at a profit. Bergesen cousins Morten Bergesen and Petter C. G.