In 1919, Idwal Williams and co. formed Graig Shipping Company Limited with a share capital of �100,000 �1 ordinary shares. Its registered and administrative office was in Cardiff and its shares were listed on the Cardiff Stock Exchange. Graig's first investment was 5,050 dwt tramp steamer, named ss Graig, for the sum of �140,000. The deep sea shipping industry has always been characterised by cycles of boom and bust and the boom of 1919 to 1920 was particularly intense and centred around the coal industry or 'Black Gold' as it was affectionately referred to at the time. The end of WWI had brought with it an increased demand for seaborne trade. This was set against the backdrop of a depletion of ships available due to losses incurred during the war. The boom affected industry throughout Britain, but it was particularly intense in Cardiff, which was an important port for the export of South Wales coal for use in steam engines worldwide. At the height of the boom some 150 shipping companies were registered in Cardiff, with almost 400 ships under their control, representing a tenth of the British deep sea fleet. The boom broke, very suddenly, in May 1920, with a dramatic fall in freight rates and ship values. Graig had foreseen this and had fixed ss Graig on a profitable two year charter which more than covered the capital loss on the vessel when it was sold at the end of the charter. Through the 1920's, 1930's and WW2 Graig's business activity continued in the ownership and management of deep sea steam trampers. After the cessation of WW2 in 1945, Graig raised additional funding through a listing on the London Stock Exchange for ship investment. At the time Graig's fleet consisted of seven vessels. In 1951, Graig opened a London office to maintain an active ship broking presence on the world shipping markets. The 1960's saw the advent of the diesel engine and the emphasis on economic efficiencies larger capacity ships provided. Graig was one of the first British shipowners to take advantage of the government shipbuilding credit scheme offered at this time and built three ships under the scheme in Britain. 1971 Idwal passed away and his son, Desmond, was appointed in his place. To protect shareholders' interests from the volatility of the freight market fluctuations that had become progressively more pronounced, a policy to develop other unrelated business interests was embarked. Up until the 1990's investments were made in high technology industries, fuel oil broking, pumice importation, data storage, oil exploration and coal mining. However, shipping remained the core area of activity. In 1993, after a thorough review of company's long term strategy, it was decided by the Williams family to buyout those public and institutional shareholders whose shares were listed on the London Stock Exchange. At this time a new management team was formed, led by Hugh Williams, the second son of Desmond, who was appointed chief executive officer and deputy chairman. Hugh developed and, together with his other senior managers, implemented a new strategy for growth that has led to a revival of Graig under new ownership. Key achievements have been the repositioning of Graig's shipping activities, the disposal of non shipping investments and a new approach to shipowning. The strategy focuses on providing high quality products and services tailored to our customer's needs with a particular emphasis on our employees. Brand identification and strategic "partnering" alliances with both shipping concerns and financial investors are part of this strategy.