Originally founded in 1845 for trade with Australia using sailing ships.29 It went bankrupt and was purchased in 1867 by Thomas Henry Ismay, who re-founded it in 1869 as the Oceanic Steam Navigation Company, retaining the trade name White Star Line.59 It established a strong partnership with the Harland & Wolff shipyards of Belfast, which built almost all of its ships.59 It entered the competitive transatlantic market (Liverpool-New York) in 1871 with the innovative Oceanic class, focusing on comfort and luxury rather than just speed.29 It operated famous ships such as Oceanic (I and II), Teutonic and Majestic (I) (which won the Blue Riband), Baltic (I and II), and the Olympic class (Olympic, Titanic, Britannic).29 It was one of the main lines for transporting emigrants.59 In 1902, it became part of the American conglomerate International Mercantile Marine Co. (IMM) of J.P. Morgan.29 It maintained an intense rivalry with the Cunard Line.31 Severely affected by the loss of the Titanic (1912) and the Britannic (WWI), and by the Great Depression. In 1934, it merged with the Cunard Line (under pressure from the British government) to form the Cunard-White Star Line.29 The White Star name was dropped in 1949.