[2] The company was founded by William Wheelwright in London in 1838 and began operations in 1840 when two steam ships Chile and Peru were commissioned to carry mail.

[3][4] Early ports of call were Valparaíso, Coquimbo, Huasco, Copiapó, Cobija, Iquique, Arica, Islay, Pisco and Callao.

In 1846 the company expanded its routes to include Huanchaco, Lambayeque, Paita, Guayaquil, Buenaventura and Panama City.

[5] In 1852 the company gained a contract for British Government mail to posts in western South America.

[6] In the Second World War a German submarine torpedoed a Pacific Steam passenger liner, Oropesa, sinking her and killing 106 people.