AKTIESELSKABET BORGESTAD ASA.

Early Lloyd’s and Brown sources attribute B513 to Gunnar Knudsen. A monochrome photograph of Borgestad confirms the funnel.

B49 replaced B513 after the Second World War. Stewart outlines the funnel shield in black; Brown 1951 and Loughran edge it blue, merging with the funnel; later Brown editions add white edging outside the blue. Brown 1951 omits the shield’s edging on the flag. The shield’s position also varies, sometimes nearer the hoist.