The monument consists of a bronze sculpture of a winged female figure, representing Memory, placed on a rhombus-shaped podium with a series of narrative reliefs on its side.
On a board meeting in the Danish Steamship Owners' Association on 10 November 1921, it was decided to terminate a war accident insurance policy.
On a later meeting, on 15 March 1923, Johan Hansen proposed to use unused funds (circa DKK 435,000) for the creation of a memorial to seamen of the Danish merchant fleet who had lost their lives at sea during the war years.
Einar Utzon-Frank, Ludvig Brandstrup, Henning Hansen and city architect Hans Beck Wright were initially engaged as artistic consultants, They were later supplemented with Rasmus Harboe, Svend Rathsack, Anton Rosen, Edvard Thomsen and Emanuel Monberg in an invited competition.
The relief on the left rear side of the podium shows Mars pointing with his sword towards an eagle that is attacking a gull as a symbol of the Great Powers' assault on the small, peaceful nation.