Documentary images — company attribution uncertain

Mitchell associates J121 with Margot and Margaron, perhaps through later annotations. Rosanoski suggests that the funnel may predate ownership changes or that different emblem colours distinguished the ships. The M and waves might refer to the oil-for-margarine trade, Margarinbolaget, the ship names or a combination. An undated black-and-white Margot photograph shows a light funnel, very narrow dark band and a pale M above waves. Other photographs suggest initial retention of Svea colours followed by a change, but the sequence cannot be dated securely.

Period-specific livery owner unresolved.