Adelaide Steamship Co. building's facade in Currie Street, Adelaide city, disappears in 1986 before company sunk
The Adelaide Steamship Company building with its original façade in Currie Street, Adelaide city, photographed by Ernest Gall in 1907. At right: The demolished façade replaced in 1986 by the atrium to the State Bank (later Westpac and RAA) building.
Image from 1907 courtesy State Library of South Australia
The last trace was erased in 1986 of the dramatic building with archway and columns, designed by Alfred architect Wells and built in 1903 for the Adelaide Steamship Company – Australia's largest passenger and cargo shipper for more than 100 years from its start in 1875.
A sculpture of a ship's prow, symbol of the company, topped the building in Currie Street, Adelaide city. In 1939-40, the company refaced the building and all the exterior detailing was destroyed. The building was demolished in 1986 making way for the atrium of what became Adelaide city’s tallest building initially for the State Bank.
The State Bank, as the source of huge borrowing in the 1980s, was part of the downfall of Adelaide Steamship Company that had had grown from an Australian shipping company and into a diversified industrial and logistics conglomerate. Adelaide Steamship was formed in 1875 by a group of South Australian businessmen in 1875s to control the goods transport between Adelaide and Melbourne between and profit from the need for an efficient and comfortable passenger service.
For its first 100 years, the company's main activities were conventional Australian coast shipping operations carrying primary products, consumer cargoes and extensive passenger services. In the 1930s and 1940s, the company diversified into the airline operations, towage, shipbuilding, and the shipping of salt, coal and sugar. Adelaide Airways was formed in 1935 and bought West Australian Airways before merging with Holyman's Airways to form Australian National Airways (ANA) in 1936. ANA was sold to Ansett Transport Industries in 1957.
In 1964, Adelaide Steamship’s interstate fleet merged with McIlwraith, McEachern & Co. to develop the world's first purpose-built container ships. But, in 1973, the company ceased its shipbuilding operations and, in 1977 – its 103rd year – sold its shipping-related businesses, only keeping its interests in tugboats. In the 1970s and 1980s, headed by John Splavins, the company became a corporate raider with a portfolio financed by huge borrowings. The early 1990s recession caused lenders – more than 200 banks – to demand the return of their assets. This forced the Adelaide Steamship portfolio to be liquidated.
In 1997, the company was renamed Residual Assco Group Limited so the Adelaide Steamship name could be reused. Residual Assco was delisted in 1999. In 1997, the tug boat operations were floated on th Australian stock exchange as Adsteam Marine.In 2001, Adsteam Marine bought its joint venture partner and major towage rival Howard Smith. Adsteam Marine became the largest towage operator in Australia and the United Kingdom, with large operations in the South Pacific.
In 2006, Adsteam Marine was bought as the Pacific arm of the world's largest shipping company AP Moeller-Maersk, with the Adelaide Steamship name from the Australian stock exchange and Australian company registers.
