LUDWIG, DANIEL KEITH

born June 24, 1897, South Haven, Mich., U.S. died Aug. 27, 1992, New York, N.Y. American entrepreneur who parlayed a $5,000 loan on his father's signature into a global shipping and real estate empire. Ludwig left school after the eighth grade and worked for a marine engine company before going into business for himself at the age of 19. He converted an old steamer into a barge and started hauling molasses in the Great Lakes region. He then turned to transporting oil, forming the American Tankers Corp. in 1925. The following year he was injured in an oil freighter explosion and suffered constant pain until he underwent an operation 28 years later. The foundation of his vast holdings was the New York-based National Bulk Carriers Inc. During the 1940s one of his shipyards pioneered a timesaving process of welding rather than riveting the hulls of ships, and by the end of World War II, he owned the nation's fifth largest tanker fleet, with scores of supertankers. He acquired his fleet by using the future lease income that his ships would generate as collateral to secure loans to buy more ships. He also made millions of dollars in stock investments. In the 1960s he correctly predicted a shortage of American lumber and began the billion-dollar development of the Jari River valley in Brazil, but in 1982 he abandoned the costly project, which had led to the destruction of large tracts of tropical rain forest. Despite this setback, his fortune was estimated at $1.2 billion in 1991. Some of his other ventures included citrus farms in Panama, coal mines in Australia, hotels in the Caribbean, and the international Ludwig Institute for Cancer Research, which he founded in the 1970s.