Rhederi M. Jebsen A/S

The uncantoned blue flag with three white fish inside white branches was initially compared with Ahrenkiel, but its unclear caption appeared to contain initials unlike the company’s. Rosanoski identifies it instead with M. Jebsen of Apenrade, and the source records its later FOTW listing as J46 for Rhederi M. Jebsen A/S. The shared town-armorial motif does not establish an Ahrenkiel–Jebsen company relationship. Rosanoski distinguishes this from Jebsen & Jessen, formed by Michael Jebsen’s son and Heinrich Jessen, and from the unrelated Hamburg M. Jebsen whose flag carried an unexplained red “E” on a white diamond. He also questions a yellow-charge portrayal and its 1898–1901 dates, suggesting they might concern passenger shipping only.