The A. P. Moller-Maersk Group's first investment in aviation was taken in 1937 when it bought a stake in Danish Air Lines, the flag carrier at the time. Its next step took place in 1967, when the group bought a Hawker Siddeley HS 125-3B as a corporate jet. At the time there were few options for Danish airlines. The charter market was dominated by Spies Rejser and Tjæreborgs Rejser, each with their own airlines—Conair and Sterling, respectively. Scandinavian Airlines System (SAS) was the flag carrier and had the sole right to conduct international scheduled services, and freight charters could only be carried out if the entire load had a single shipper and recipient.