Export Steamship Corporation was organized in 1919 and began operating cargo services to the Mediterranean from New York.

ISMOLCO grew rapidly when in 1928, a long-term agreement was reached with Ford Motor Corporation, shipping auto parts and general cargo for Japan, China and the Philippines via the Panama Canal.

Also in 1964, Isbrandtsen, who became a majority stake holder in Ward Industries in 1960, restructured it and in 1967 formed American Export Industries, Inc., a holding company to manage American Export-Isbrandtsen Lines and all support for his fleet operations, including container services, port operations and fleet logistics.

After heavy losses and unable to meet crippling debt payments, AEL went into bankruptcy in July 1977, with Farrell Lines buying its port operations in New York City and its remaining ships a year later, including two container ships on order or already under construction at Bath Iron Works, the Argonaut and Resolute, which were delivered directly to Farrell.

These ships were ordered built by AEL during the time when the company's president was Henry Herbman, an old-time dockman in New York.

J. E. Slater, who was with the consulting firm Coverdale and Colpitts of New York City, was asked to look into their finances, and he quickly found that the business was not being run efficiently.

Finally the Maritime Commission removed Herbman from his position and J. E. Slater was asked to run the company for a few years to stabilize it.

With the exception of the Exochorda, the ships were lost during World War II as a result of enemy fire.

On April 4, 1956, Grace Kelly sailed on the SS Constitution when she traveled to Monaco to wed Prince Rainier.