At a time when Worldscale was being established, the pound sterling had been devalued and insurance premiums for very large crude carriers had undergone an enormous increase, it was decided that the International Tanker Owners' Association should extend the scope of its activities. A new organisation would be established in Oslo under the name of the International Association of Independent Tanker Owners, which would retain the short title of "INTERTANKO". Its stated aim was "to further the interests of independent tanker owners" and it would co-operate with the oil industry, national and international organisations. The London-based Association was formally put into voluntary liquidation on 30 December 1970.

Mr Jan Hudig of PHs Van Ommeren became the first chairman, and a young Norwegian lawyer, Mr. Tormod Rafgård, was engaged as secretary general and later managing director, posts he so successfully held for 25 years. I agreed to become the next chairman in January 1973 and stayed in the chair for what turned out to be three challenging years for independent tanker owners. I am very grateful for the support that was given to me and the small secretariat by my fellow members in the Executive Committee in this early rather difficult period.

Since then INTERTANKO has evolved and progressed, growing in stature and influence and assuming an increasingly important role in defending the independent tanker owners' interests. Whilst the tanker markets and tanker owners' fortunes have vacillated, INTERTANKO's aims have remained constant throughout - to promote safe transport, cleaner seas and free competition. These aims will continue to motivate and inspire the Association towards further achievements in the service of its members, to the benefit of the tanker industry and the international maritime community."

Jørgen Jahre was born in Tjølling in 1907 and managed all the activities of Bulls Tankrederi AS from 1944 until he became a partner in Anders Jahre A/S in 1948. As one of the founding fathers, Jørgen Jahre served as INTERTANKO Chairman from 1973 to 1976 and was elected Honorary Member of INTERTANKO in 1982. He died in 1998.