Business B (20th Century)Heritage

Adelaide Steamship Co. building's facade in Currie Street, Adelaide city, disappears in 1986 before company sunk

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.

Other related ADELAIDE AZ articles

Adelaide beachside Semaphore Palais, from 1922, was saved from threat of being demolished by being placed on the South Australian state heritage list in 1989. In 2024, the state government decided against selling the palais and to keep it as a public asset, leased as a hotel (inset).
Heritage >
Semaphore Palais, from 1922, Adelaide beach icon saved by state heritage listing in 1989; kept in public hands
READ MORE+
The Lindsay Park mansion and estate, near Angaston, where George Fife Anas lived from 1851. Designed, and originally intended for, his son in law Harry Evans, the home became part of South Australian state heritage.
Heritage >
George Fife Angas in South Australia from 1851 after low point in business in England but still promoting colony
READ MORE+
Koonalda Cave, about 100 kilometres northeast of Eucla on South Australia' s Nullarbor National Park, contained exceptionally well-preserved markings and evidence of silica mining by Aboriginal people.
Heritage >
Koonalda Cave in South Australia's west as national heritage for art, silica mining during 30,000 years occupation
READ MORE+
The Church of Christ chapel building from 1926 in Grote Street, Adelaide city. Inset: A W.S. Smith image of the chapel alongside its predecessor from 1856 (demolished in 1940).
Churches >
Church of Christ chapel building survives in Grote Street, Adelaide city, with roots back to the Scotch Baptists
READ MORE+
Costumes in The Performing Arts Collection of South Australia at the Adelaide Festival Centre.
Theatre >
The Performing Arts Collection since 1979 recording history of South Australia on stage/behind the scenes
READ MORE+
Norman Shierlaw made more money as largest non-family shareholder in Adelaide's Cooper's brewery than from Poseidon. Image courtesy Sydney Morning Herald
Business B (20th Century) >
Norman Shierlaw and his Poseidon set off Australian shares' biggest boom and bust from Adelaide, 1969-70
READ MORE+

 

 
©2025 Adelaide AZ | Privacy | Terms & Disclaimer | PWA 1.1.58