Histories

Warm tributes have been paid to shipbroking legend David Gault, a former chief executive of UK group Clarksons who has died at the age of 93.

Born in 1928, Gault was at the forefront of Clarksons during the 1960s and early 1970s and laid the foundations for much of what the company has achieved since, according to close family friend Paul Willcox, a director at UK shipbroker CW Kellock.

Gault died on 29 November 2021.

He married his childhood sweetheart Jane Gribble in 1952, when he was 22 and she was 20. She died in 2017.

They had two daughters and three sons, one of whom, William, is also a shipbroker, as is a brother-in-law, Aylmer Gribble.

Gault’s father, Leslie Gault, together with other family members and Sandy (later Sir Alexander) Glen, acquired the shares in the established shipbroking firm, Horace Clarkson, following the death in 1945 of their senior director, Sir Osborn Holmden.

Gault attended Fettes College, and after UK National Service, his father insisted that rather than attend university he complete a secretarial course. He learned shorthand and typing, as well as what was to become an "uncanny skill" in rapid mental arithmetic, Willcox said.

"These basic skills allied to his personal qualities of reliability, straight dealing, an ability to relate to often difficult and demanding shipowners worldwide, as well as instinctive and intrinsic management skills and decisiveness, were the qualities which made him an outstanding shipbroker," he added.

These traits lifted him to managing director and later CEO of Clarksons' publicly listed holding company, Shipping Industrial Holdings (SIH), where he commanded great respect.

Gault got his start when his father and Glen set about re-staffing Clarksons with a capable and motivated young team.

His calm and outgoing personality allowed him to build on Clarksons' long-standing relationship with oil major Esso, TradeWinds is told.

This had been nurtured by his father, and diversified from Clarksons' historical strength in chartering.

Gault forged relationships on the one hand with owners especially in the UK and Norway whose fleets had been severely depleted during the war, and on the other with Britain's shipyards, which were then preeminent.

The S&P business which David pioneered became one of the cornerstones of the group's success. Profit grew steadily to the extent that in the mid-1950s an insurance underwriting agency was bought.

Gault's brother Christopher helped develop Clarksons Insurance, a formidably effective Lloyds brokerage, operating in both marine and non- marine insurance and tapping in to shipbroking contacts where appropriate, Willcox said.

Clarksons was also building up an expanding fleet of wholly owned ships — bulk carriers and chemical tankers - the latter through a merger with Silver Line.

Through Clarksons Travel Group, the company was also pioneering package holidays.

This business started modestly with trips to the Dutch bulb fields in the 1950s and developed into a company providing inclusive overseas holidays for half a million Britons and popularising Benidorm.

In 1955, all the Clarksons enterprises were grouped under the public company SIH.

Early directors included Sir John Denholm, and family members from shipbuilders Charles Connell & Co and Smiths Dock.

During the 1960s SIH became a stock market darling, with Gault at the helm.

Hambros bank invested in the company, bringing with it merchant bank expertise and a strong Scandinavian base, and Jocelyn Hambro became chairman.

In November 1967, Gault walked across the road from the office at 52 Bishopsgate to the Bank of Scotland and ordered all the dollars required for a recently contracted Clarksons newbuilding.

UK Prime Minister Harold Wilson devalued the pound the very next day.

"This might have been acumen, instinct, forward thinking, good luck or a mixture of all, but fellow director Peter (later Sir Peter) Parker described David as an outstanding and brilliant exponent of his trade," Willcox said.

In 1965, Gault formed the Seabridge pool, taking in ships from Clarksons, Bibby Line and others.

At its peak, it controlled 27 bulk and combination carriers totalling almost 4m deadweight. It was an imaginative concept which was a powerhouse in world shipping at the time, Willcox said.

By 1971, the company was recognised by the Queen's Award for Industry for outstanding achievement in export services.

But in 1973, the travel operation became insolvent due to currency fluctuations.

This precipitated a dramatic fall in the shares of SIH, which became the subject of a takeover bid by a Monaco-based shipping company owned by Boris Vlasov. This took place in 1974.

The British government was then persuaded that Clarksons' shipbroking was a key City asset which should remain under UK control.

In 1975, it was separated from the fleet, enabling the business to continue its rise as the largest shipbroker in the world.

"Through all the turmoil David had remained a calm and effective leader, whose employees remember him with respect for his business dealings and affection for his kindness," Willcox said.

Gault then stepped away, turning the family investment company into a small new private shipping concern, Gallic Shipping, investing in shortsea tonnage.