A BRIEF HISTORICAL BACKGROUND

IMIF was founded at the end of 1975 following the publication of a report on the problems of the Tanker industry commissioned by tanker owners, banks, shipbuilders and oil companies who were equally concerned at the devastating effects the surplus of tanker capacity was having on the world's markets. The Group was led by Jorgen Jahre (Director of Anders Jahre and then Chairman of INTERTANKO), L.A. Vemede (Managing Director of A G Weser), R B Horton (Director and General Manager of BP Tanker Co Limited) and Otto Norland (Executive Director of Hambros Bank).

Sir James Dunnett GCB, CMG was invited to chair the Forum. Initially the membership comprised some 40 members from 14 nations led by an Advisory Committee of distinguished figures from the four interests.

The first aim of the Forum was identified as being the need to liaise with existing agencies, such as the EEC, and the OECD, in order to impress upon them, and on governments worldwide, the views of those concerned at the extreme gravity of the situation, together with suggested ways not only of remedying the crisis but, equally important, where possible to forestall similar developments in other market sectors.

It quickly became apparent, however, that the forum would need to extend its area of concern beyond the tanker industry and over the ensuing years IMIF has confronted problems involving the Banks, the Shipowners (all categories), the Shipbuilders, the Oil companies, the Insurers and Classification Societies and, last but not least, the Governments who stand behind all the sectors.

At the end of 1979 Sir James Dunnett retired and the Forum re-organised following a report by a group led by Professor Stoedter. In 1980 the Advisory Committee was replaced by a smaller annually selected Steering Committee.