Sir John Frederick Mallabar (Chairman 1966-1970)

In exchange for a £1.5 million guaranteed loan in 1966, the government effectively assumed control of the company, appointing John F. Mallabar as chairman and financial controller. A chartered accountant who ran his own firm of accountants J.F. Mallabar and Co in London, was unique in several ways, not only because he originated from outside Northern Ireland but also as he was originally Stormont’s candidate for Financial controller. Indeed, Mallabar had a reputation as a ‘fixer’ of companies undergoing financial difficulties. Mallabar oversaw the construction of a "super dock" to accommodate continued production of VLCCs, improved the company's accounting methods, and prepared the company for a specialization in large tankers and bulk carriers. Pronouncing that he had "disposed of the matters which called for his personal attention," Mallabar resigned the chairmanship in 1970.

John Frederick Mallabar recieved a knighthood in 1969.