In the early sixties, Taiwan's economic policy was geared towards "processing imported raw materials for export". The export of plywood to America made up a significant portion of Taiwan's total foreign reserve. At that time, Mr. K.T. Lee, president of L.C.Y. wood production company, observed that the local plywood industry had to rely on foreign shipping companies as there were few log carriers flying national flag dedicated to serving them. To capture the window of opportunity and the potential economic benefits, he incorporated a shipping company specializing in logs transportation and invited Mr. C.K. Chen as the Chairman, which resulted in the birth of Glory Navigation.