and Petter Sundt, the controlling family shareholders, to buy their interest in Bergesen and mount a full public offering for all outstanding shares. In 2004, following completion of this transaction, there was a reorganisation of the Sohmen family interests, with the creation of a new top holding company, Bergesen Worldwide Ltd., registered in Bermuda, which is owned 93% by the Sohmen family and 7% by HSBC. The holding company was subsequently renamed BW Group Limited. In 2005, a further re-organisation took place, accompanied by the re-branding of the business under a single group brand, BW. BW Gas was listed in Oslo in October 2005 as a pure gas shipping company with BW Group retaining a majority share. BW Offshore followed suit by being listed in May 2006. The other assets remain in private ownership. In 2009, BW Gas was privatised. On 21 November 2013, the LPG business was listed on the Oslo Stock Exchange as BW LPG. History Background BW Group is made up of two long-standing shipping businesses: World-Wide Shipping and Bergesen d.y. ASA, which was acquired by the former in 2003. To reflect this acquisition, a new holding company, Bergesen Worldwide Ltd. was incorporated in Bermuda. In 2005, the business was re-branded as BW. World-Wide Shipping's beginnings Sir Yue-Kong Pao (more commonly known as Sir Y.K. Pao) started World-Wide Steamship Company Limited with his father S.L. Pao, brother H.K. Pao and friends C.L. Pan, P.C. Lee, T.H. Chiang, A.P.Y. Waung, W.S. Cheng and Y.S. Zee. The new company was incorporated in Hong Kong in July 1955. The company's first ship Inchona, a 27-year old coal-burning steamer, was renamed Golden Alpha. Several other ships were quickly added to the fleet and were chartered by Japanese and Hong Kong companies. It was a decision that other ship-owners deemed unusual and risky although it soon paid off. In 1956 freight charges rose rapidly due to the closure of the Suez Canal during the Suez Crisis. Over the years, the company's fleet grew and by 1979 it had over 200 vessels and group tonnage of 20.5 million DWT, making it larger than the US and Soviet merchant fleets combined. World-Wide's entry into tanker market and oil crises During the 1960s, Sir Y.K. Pao was determined to enter the tanker market. However, his lack of experience meant oil companies refused to charter his vessels. He was rejected by Shell Oil and various American