In 1950, Frank L. Fraser founded the Eastern Shipping Corporation. In May 1954 he purchased the SS Yarmouth from the Eastern Steamship Lines.
The SS Yarmouth was transferred to a Panamanian registry where she was renamed SS Yarmouth Castle and then the SS Queen of Nassau. By 1957 the SS Queen of Nassau reverted back to SS Yarmouth Castle, and by 1958, back to SS Yarmouth.
In May 1961, Fraser passed full control of the company to William R. Lovett (of Winn-Dixie supermarkets), with the name being changed to Eastern Steamship Corporation.
