Our Track Record

From maritime to hospitality, Libra has a history of engagement and growth with industry partners. Take a walk through history to see how it all started.

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2023

November 2023 Aerospace

SLI Acquires Second Ground Station in Alaskan Arctic

Space Leasing International (SLI) acquired a second ground station in the geo-spatially critical Alaskan Arctic, which is vital for polar orbits that monitor climate change. The ground station will be leased to RBC Signals, one of SLI’s ongoing business partners.

November 2023 Corporate

Nicholas Logothetis Appointment to U.S. Merchant Marine Academy Board of Visitors

U.S. President Joe Biden appointed Libra Group Vice Chairman Nicholas Logothetis to the United States Merchant Marine Academy (USMMA) Board of Visitors. In this role, Nicholas will advise the U.S. President, U.S. Secretary of Transportation, and Congress on issues related to USMMA.

October 2023 Corporate

Conclusion of a Multi-Party Transaction

Libra Group and associated entities announced the conclusion of a multi-party transaction that resulted in the full settlement of any liabilities and the resolution of any disputes with Piraeus Bank. The significant financial consideration was paid in cash, and no debt was involved. Read more.

October 2023 Maritime

Lomar Deploys Alicia Bots Robotic Hull Cleaning Technology

Lomar announced its collaboration with market-leading maritime robotics company, Alicia Bots, to deploy ‘ROVERCLEAN’ robotic hull inspection and grooming solutions on up to 15 of its vessels. The autonomous hull cleaning technology provides reduction in hull fouling, reducing fuel consumption, costs and carbon emissions.

September 2023 Maritime

First Dedicated LNG Bunkering Facility in U.S. Gulf Coast

Maritime subsidiary, Seapath, announced formation of a joint venture with Houston-based clean energy solutions company, Pilot LNG,  to develop, construct, and operate the first liquefied natural gas (LNG) bunkering facility on the U.S. Gulf Coast.

September 2023 Social Responsibility

Launch of Libra Philanthropies

Launch of Libra Philanthropies, Libra Group’s sister organization and a global foundation built on Libra Group’s decade-long social responsibility legacy, with an impact on over 25 million people in 182 countries and nearly 300 organizations around the world.

June 2023 Aerospace

World’s First Dedicated Space Leasing Company

Libra launched Space Leasing International (SLI), the world’s first space leasing company dedicated to the full spectrum of space assets, with first investment including the construction of a ground station in the geo-spatially critical Alaskan Arctic and 20 ground stations around the world within the next three years.

Principal Media Into America's Wild Video
May 2023 Diversified Investments

Acclaimed IMAX Wildlife Documentary Added to Principal Media’s Growing Catalog

Principal Media added the acclaimed IMAX documentary “Into America’s Wild” to its catalog, providing television platforms worldwide with the opportunity to license this captivating exploration of the hidden wonders of the natural world.

GML delivers speech at Greek American Parade
May 2023 Corporate

George Logothetis, Honored Grand Marshal, Inspires at 2023 Greek Independence Day Parade NY

George Logothetis inspired Greek Americans at the 2023 Greek Independence Day Parade and delivered a moving keynote address at the Federation of Hellenic Societies Gala in New York.

April 2023 Renewable Energy

Renewable Energy Sector Expansion

Greenwood Sustainable Infrastructure (GSI) acquired the solar and battery portfolios of renewable energy developer Saturn Power, gaining a 1.4 GW pipeline, and expanding their footprint to 12 U.S. states and two Canadian provinces.

March 2023 Aerospace

SMFL invests in LCI

Libra Group announced that Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL) will acquire a 35% stake in LCI. Additionally, SMFL and Libra Group plan to grow LCI’s business by US$1.5 billion over the coming years.

March 2023 Maritime

Lomar Launches lomarlabs

Lomar Shipping has launched lomarlabs, a brand new venturelab that will accelerate the uptake of vital technology solutions poised to address the maritime industry’s most pressing challenges including the objective of net-zero emissions.

February 2023 Hotels and Hospitality

Aria Hotels Reach New Milestone

Aria Hotels, reached approximately 70 properties across their portfolio. This includes new properties in Patmos, Nafplio, Syros, and Aegina.

January 2023 Aerospace

Investing in Autonomous Aircraft

LCI signed an agreement with Elroy Air, developer of advanced autonomous cargo aircraft systems, to acquire up to 40 of the company’s Chaparral vertical take-off and landing (VTOL) aircraft.

January 2023 Renewable Energy

Investing in Croatian Energy

EuroEnergy announced that it will acquire a 114-megawatt (MW) wind energy development in Udbina, Croatia. Representing a total investment of €150 million, the project will expand EuroEnergy’s European footprint.

2022

November 2022 Diversified Investments

Investing in Film Production

Principal Media announced a strategic investment in Toronto-based Chesler/Perlmutter Productions, a renowned production company with over 30 years of experience developing and delivering award-winning scripted television series and films.

October 2022 Maritime

Acquisition of Historic Shipping Company

Lomar Shipping acquired Bremen, Germany-based Carl Büttner Holding GmbH & Co. KG. The acquisition of the 166-year-old shipowner and manager is Lomar’s next step to further diversify and grow its fleet.

October 2022 Renewable Energy

Forming Solar Joint Venture

Allied Solar, a new joint venture between Greenwood Sustainable Infrastructure (GSI) and SolarGen announced plans to develop a 40-megawatt (MW) utility-scale solar park on approximately 200 acres of privately owned land in Alexandria, Minnesota.

September 2022 Social Responsibility

Women’s Empowerment Principles

Libra Group signed the United Nations Women’s Empowerment Principles, marking an important step to promote gender equality and women’s empowerment in the workplace, across industries, and the global community.

August 2022 Maritime

$1.5 Bn of Container Ship Sales

Having acquired 96 container ships during the sustained market downturn between 2008 and 2020, Lomar completed $1.5 billion of container ship sales following historic market recovery of July 2020.

July 2022 Corporate

Appointment of New CEO

Effective October 2022, Manos Kouligkas, a 10-year veteran of Libra Group, appointed as Chief Executive Officer (CEO), elevating Chairman and CEO George M. Logothetis to the role of Executive Chairman. Kouligkas was an integral part of the development and expansion of Lomar.

June 2022 Maritime

Shipyard Acquisition

New marine subsidiary, Americraft Marine, acquires St. Johns Ship Building in Florida, supporting the need for Jones Act-compliant vessels, including those that advance U.S. energy independence.

May 2022 Aerospace

Acquiring 125 eVTOL Aircraft

LCI signed an agreement with BETA TECHNOLOGIES to acquire up to 125 of the company’s electric vertical take-off and landing (eVTOL) aircraft. Dubbed the “battery that flies” by the New York Times, the ALIA-250 aircraft is a gamechanger in the future of clean energy aviation.

April 2022 Renewable Energy

Launching the Terra initiative

Greenwood Energy was joined by Colombian President Iván Duque Márquez to celebrate the Terra Initiative, which will feature six utility-scale solar plants providing 144 megawatts of clean energy while providing housing, education and other infrastructure support for the indigenous communities of Colombia’s Nevada de Santa Marta region.

March 2022 Diversified Investments

Investing in Critical Minerals

Libra Group announced strategic investment in green energy company, GreenMet, which leads the infrastructure development of sustainable supply chains for rare earth elements and critical minerals, such as green steel, to meet U.S. and greater North American green energy and technology needs.

January 2022 Real Estate

Investing in Multifamily

Elandis completed two major real estate investments: ‘Hudson and Crosby at Westchase’, two multifamily communities with 569 residential units in Houston, Texas followed by six multifamily communities in Orlando and Daytona Beach, Florida, comprising 1,242 units acquired for $126.5 million.

2021

December 2021 Aerospace

Nova Capital Aviation Acquisition

LCI acquired Nova Capital Aviation (Ireland) Ltd, substantially expanding its business to over 140 rotary and fixed-wing aircraft and increasing its fleet proportion of deployments in emergency medical services (EMS), search and rescue (SAR), off-shore wind and utility to over 80%.

November 2021 Corporate

Launch of Global Advisory Board

Libra created a Global Advisory Board for the Group to provide strategic guidance to the Executive Team and Board of Directors, initially comprising Ido Aharoni, Anna Escobedo Cabral, Anita B. McBride, and Joe Navarro.

August 2021 Aerospace

Completing Over $1Bn in Aviation Financing

Aviation arm LCI exceeded the landmark of $1 billion of financings since 2019, comprising 25 transactions sourced from over 20 different financial institutions, and covering multiple aircraft on lease from LCI.

July 2021 Maritime

Completion of $1Bn Strategic Fleet Renewal

Lomar took delivery of the 43rd and final ship in its $1-billion newbuilding investment program, which began a decade before and saw modern, new containerships and bulk carriers delivered between 2014 and 2021.

January 2021 Renewable Energy

Renewed Sustainability Commitment

Aware of its responsibility to the environment, people and the communities among whom it works, Libra published a new sustainability and corporate responsibility commitment with credentials and impact analysis through nine established social programs.

2020

October 2020 Renewable Energy

Investing in Greek Green Power

In partnership with EuroEnergy, well-respected European infrastructure fund Flexam Invest made an investment in the Greek green power market through a transaction covering a series of EuroEnergy’s solar energy parks.

September 2020 Aerospace

Creating Helicopter Venture With Sumitomo

LCI launched a landmark $230m joint venture with Sumitomo Mitsui Finance & Leasing. The JV has initially acquired 19 next generation helicopters. LCI is both the co-investor and manager of the aircraft.

September 2020 Real Estate

Forming Multifamily Joint Venture

Elandis announced a transformative joint venture platform focusing on multifamily assets in the U.S. between Libra Group and international asset manager, M&G Investments. M&G committed an initial $50 million.

May 2020 Aerospace

Co-investment Vehicle Deploys Helicopters

LCI established a new co-investment vehicle with Thora Capital and RIVE Private Investment covering nine helicopters valued at over US$100m and deployed in Australia and the USA.

2019

July 2019 Renewable Energy

$90M Cleanup and Solar installation

Elizabeth Mine, VT, where Greenwood Sustainable Infrastructure has the state’s largest solar array, approached the end of a $90m cleanup operation. 20,000 solar panels on the 46-acre site now power 1,200 homes a year and offset 6,000 tons of carbon dioxide.

May 2019 Hotels and Hospitality

30 Properties in Greece and the Islands

The Aria Hotels portfolio in Greece reached 30 properties with the latest addition of the Patriarca boutique hotel on Sifnos, constructed in 1650, and completing Aria’s presence on all four islands of the Western Cyclades.

January 2019 Diversified Investments

Securing TV Content Deals

Principal Media began 2019 with a number of new content-streaming deals for shows such as ‘Bounce’, ‘Paper Friends’ and ‘Find me a Classic’ for TV networks throughout the US and international markets.

2018

August 2018 Renewable Energy

Continued Solar investments

Greenwood Sustainable Infrastructure completed two solar project portfolio financings with ORIX Corporation USA After eight years of operation Greenwood had developed 36 solar energy projects across eight U.S. states in excess of 100 MW.

May 2018 Renewable Energy

Expanding Green Energy For Greece

EuroEnergy begins construction on a new wind park in Delphi, Greece. The 13.8 MW asset comprising six wind turbines, with an individual capacity of 2.3MW each, will generate collectively 28GWhs of green energy per year which will service the annual electricity needs of 7,500 households.

April 2018 Social Responsibility

Opening: 11 Refugee Shelters

In just one year, one of our social programs, the HOME Project, opened 11 shelters accommodating 220 child migrants with educational and social support, creating 130 new jobs, and attracting millions of dollars in funding from founding sponsor Libra, the IKEA Foundation and the Shapiro Foundation.

2017

November 2017 Hotels and Hospitality

Securing Exclusive Benaki Partnership

Aria Hotels secured a partnership with the Benaki Museum to operate the exclusive Benaki estate, former home of renowned explorer and author Patrick Leigh Fermor, on the Mani Peninsula, southern Peloponnese.

October 2017 Renewable Energy

Acquiring Clean Energy Plants in NYC

Greenwood Sustainable Infrastructure acquired two Combined Heat & Power (CHP) plants. Both plants are based in Millennium hotels in Manhattan, New York, and convert natural gas into electrical and thermal energy with far greater efficiencies than the electrical grid.

July 2017 Social Responsibility

Awarding 15 New Businesses in Greece and USA

The Envolve Entrepreneurship Awards founded by Libra granted start-up prize funding to five businesses in Greece and a further ten in the USA divided between the Bronx and Miami-Dade County. Winners also receive mentorship and a range of business support services.

2016

November 2016 Renewable Energy

Acquisition of Biomass Power Plant

Adding to the USA sustainable energy portfolio, we acquired L’Anse Warden Electric Co power plant on the shores of Lake Superior in Michigan. The plant has been a major employer in the area since 1959. It is now part of Greenwood Sustainable Infrastructure.

August 2016 Real Estate

Sale of Florida Properties

Elandis sold two of its Florida multifamily community residential holdings: 222 apartments at Jasmine at Tamarac and 306 apartments at the Grand Pavilion and Oaks at Granada developments in Tampa. The combined value of the transactions was over $40m and heralded fresh investment by Elandis.

April 2016 Aerospace

Purchased Two New Freighter Planes

LCI increased its fixed-wing fleet with two Boeing 747-400F main deck freighters on lease to Middle Eastern airlines with Turkey’s myCargo, in addition to existing freighter contracts with Singapore Airlines.

2015

October 2015 Social Responsibility

American Entrepreneurship Award Launched

Libra Group launched the American Entrepreneurship Award (now part of Envolve Entrepreneurship) with a $500,000 commitment. Initially focused on communities in the Bronx, New York, and Miami-Dade County, Florida, it will provide business start-up funding plus mentorship and business support for winners.

May 2015 Social Responsibility

Joined President Obama's MBK Alliance As Founding Sponsor

Joined the My Brother’s Keeper Alliance, a nonprofit addressing educational challenges for boys and young men of color in the US.

February 2015 Maritime

Expanding Fleet

Having sold its offshore vessels for a total of $51 million., Lomar added a further 13 container vessels and two product tankers to its fleet, including four newbuildings from China for delivery from 2017 onwards.

2014

October 2014 Aerospace

$325 Million Aviation Facility

LCI closed financing facility for US $325 million with additional $100 million optional increase. The funds will be used to expand the company’s helicopter fleet.

August 2014 Renewable Energy

Investing $500M in Mexican Solar Energy

Greenwood Sustainable Infrastructure announced its $500 investment with Ilioss in solar projects in Mexico which will produce 250 megawatts by 2017.

March 2014 Diversified Investments

Investing in Greece

Libra Group announced that it is the principal investor in 50% of COCO-MAT, a leading manufacturer of specialist mattresses, other natural sleep products and furnishings. The landmark deal is one of the most significant inward investments in a Greek retail company during the economic crisis.

February 2014 Aerospace

Committing to $1Bn of Helicopters

LCI announced orders for $925 million of helicopters from Airbus and AgustaWestland at the Helicopter Association International convention, taking LCI’s helicopter fleet to 72 with a value approaching $1.5bn.

2013

December 2013 Maritime

Shipping Fleet Rises to Over 60

Lomar continued its fleet expansion with the addition of six container ships to its fleet, the declaration of options on its newbuilding orders as well as the placement of new orders for bulk carriers from the COSCO shipyard in China, taking the company’s fleet to over 60 vessels.

August 2013 Renewable Energy

Built Renewable Portfolio Close to 100 MW

With the acquisition of four new solar parks by Greenwood Sustainable Infrastructure in North America, Libra’s global renewable energy portfolio hit a generating capacity close to 100 MW across more than 20 facilities in the USA and Europe. Pipeline projects account for over 150 MW of additional capacity.

June 2013 Hotels and Hospitality

Signed JV With Hyatt For Brazil

Our South American real estate division signed a $270m landmark joint venture with Hyatt Hotels Corporation to develop and own nine Hyatt Place hotels throughout Brazil.

March 2013 Renewable Energy

Solar Energy in Romania

EuroEnergy expanded its portfolio of solar energy parks with the announcement of new photovoltaic projects in Romania. This follows the completion in 2012 of several solar projects in Greece which, by 2013, had a combined generating capacity of over 40 MW, producing in excess of 75 GWh for the Greek national grid.

2012

November 2012 Social Responsibility

Launched Entrepreneurship Social Program

Launched the annual Hellenic Entrepreneurship Award (now Envolve Entrepreneurship) on behalf of the Hellenic Initiative. With a commitment of €10 million to the program, Libra Group helped provide entrepreneurs in Greece with the chance to receive funding for a new business venture, plus mentoring and support.

February 2012 Aerospace

Entered Helicopter Market With $400M Deal

LCI broke into the helicopter leasing market with a $400m order for AgustaWestland helicopters. Today LCI’s helicopters are in operation across five continents – Asia, Australasia, Africa, Europe and North America.

February 2012 Maritime

Ordered New 'Ultramax' Bulk Carriers

Lomar placed an order for up to six new ‘Ultramax’ bulk carrier vessels with COSCO of China and up to six 1,100 TEU container ships from China’s Yangzijiang Shipbuilding (Holdings) Ltd and up to six new design container ships from the Guangzhou Wenchong Shipyard in South China.

2011

December 2011 Real Estate

Entered Multifamily Housing Market

2011 saw a record $75m of real estate acquisitions, including around 500 multifamily housing units in Florida representing the foundations of Elandis, our specialist multifamily investment subsidiary.

September 2011 Social Responsibility

President George W. Bush Addresses Libra Sponsored Summit

On 20th September, 2011, President George W. Bush gave the keynote address at the inaugural Concordia Summit, sponsored by Libra Group. This counter-extremism conference was attended by heads of state, business leaders, government officials and counter-terrorism experts.

September 2011 Social Responsibility

Launched Libra internship Program

Created the Libra Internship Program run in cooperation with The American College of Greece and the Greek America Foundation. Since that time, Libra has hosted hundreds of interns representing more than 44 countries globally.

May 2011 Diversified Investments

Emmy Nomination

Representing the group’s first significant involvement in the media and entertainment industry is Los Angeles-based Principal Media. In 2011, the company was nominated for an Emmy Award for its TV series First Ascent in the ‘Best Camerawork, Sports’ category. The series, which profiles extreme adventure athletes, aired on the Travel Channel in the U.S. and on National Geographic throughout the world.

March 2011 Renewable Energy

Producing Biogas in Latvia

We entered the biogas business with a series of biogas production facilities in Latvia. We operate three biogas plants and hold an additional three biogas licenses in Latvia. We manage in excess of 1,000 hectares of land and have vertical integration of farming, feedstock production and the generation of electricity for the grid, and heat for the local community.

2010

July 2010 Renewable Energy

USA Energy Acquisition

Entered the US energy market with investment in waste-to-energy, solar and CHP plants. Today our US-based renewable energy subsidiary, Greenwood Sustainable Infrastructure, develops, invests in, and manages sustainable infrastructure assets throughout North America. The company later expanded into South America as Greenwood Energy.

Aria Hotels - Archipel Mansions Jacuzzi at nightfall twilight
April 2010 Hotels and Hospitality

Launch of Aria Hotels

Created Aria Hotels, our specialist boutique hotel and villas company offering authentic Greek hospitality and the ultimate in simple, effortless charm. Today the company has nearly 60 boutique hotels, villas and residences in exceptional destinations of unique natural beauty throughout Greece.

January 2010 Corporate

Expansion of Global Footprint

Expansion of Libra’s global corporate presence with the addition of offices in Beijing, China and Hamburg, Germany. Today the group has office locations on four continents. These offices provide a gateway to all of Libra’s commercial interests.

2009

December 2009 Maritime

$325M Fleet Purchase

December 2009 saw large-scale re-entry into the maritime market with Lomar’s $325 million acquisition of Allocean group and its mixed fleet of 26 modern vessels. Following strategic investment and divestment cycles, today Lomar’s fleet stands at 38 ships.

May 2009 Corporate

Acquired 64 Ships and Planes

In 2009, Libra Group subsidiaries were among the most acquisitive in the global transportation sector: a total of 64 ships and aircraft were acquired during the year.

January 2009 Aerospace

Ordering 32 Aircraft

Completed major LCI re-investment in aircraft with acquisition of 32 aircraft valued at $2.5 billion. Among these were 20 Bombardier CSeries new generation eco-friendly aircraft (plus options for 20 more) and a further 12 Airbus and Boeing aircraft.

2008

May 2008 Hotels and Hospitality

Opening of Iconic Santorini Hotel

The iconic Grace Hotel Santorini opened a year after our award-winning Mykonos Grace hotel made its debut. Still part of our owned portfolio, the hotel went on to win numerous accolades including Travel + Leisure magazine readers’ No 2 hotel in the world, No 2 in Europe and the No 1 hotel in Greece in 2021.

April 2008 Aerospace

Expanding Aviation into Asia Pacific

LCI announced the opening of a Singapore office through the formation of a new Singapore based aircraft lessor, Singapore Commercial Leasing, that will represent LCI and support its business development in the Asia-Pacific.

2007

December 2007 Real Estate

Investing in Thailand

Representing our largest single hospitality investment, we completed the acquisition of prime land in the island resort of Koh Samui, Thailand. When completed, this six-star villa-only development combining a lavish hotel with luxury residences for sale will become a flagship complex.

November 2007 Aerospace

Selling Aircraft Fleet in Cyclical High

Completed the $1 billion sale of LCI’s entire fleet of 21 aircraft during a cyclical high point. The company later re-invested in the sector with a significant program of acquisitions in 2009.

September 2007 Renewable Energy

Entering Renewable Energy Sector

Created EuroEnergy, our European Union based renewable energy company – our first investment in the emerging renewable energy market with wind and solar energy parks across Europe.

January 2007 Hotels and Hospitality

Launching Grace Hotels

Launched boutique hotel brand, Grace Hotels. The hotels that spanned five continents attracted global critical acclaim including numerous industry awards. In 2018, Grace Hotels merged with Auberge Resorts.

2006

December 2006 Real Estate

Expanding Footprint in Latin America

Initiated investment program in Central America with the creation of FCA Group which has built a portfolio of prime commercial real estate in Panama with strong covenants from blue-chip tenants.

October 2006 Real Estate

Investing in Bangkok Real Estate

We commenced the development of the Belgravia Residences condominium in the heart of Bangkok. This joint venture with a leading Thai property developer provided 48 ultra-luxurious homes within a few minutes’ walk of the city center.

March 2006 Maritime

Selling the Last of 67 Vessels

As the maritime upturn reached its peak, the sale of four platform supply vessels brought our total fleet sales to 67 vessels over three years. In the ensuing years, Lomar maintained a modest fleet but were poised for reinvestment in maritime when conditions were right. This was realized with our major re-investment in maritime in 2009.

2005

March 2005 Hotels and Hospitality

Entering the Hospitality Sector

Our first hospitality investment came with the acquisition of a collection of hotels, restaurants, banqueting facilities and an exclusive marina in New England, USA. The collection grew to include the iconic White Barn Inn in Maine; The Vanderbilt on Rhode Island, and The Mayflower Inn in Connecticut. These hotels later became integrated into our Grace Hotels subsidiary, which merged with Auberge Resorts in 2019.

March 2005 Maritime

Riding Market and Selling Lomar Fleet

After reaching 50 ships, Lomar began the 24-month process of selling almost all of its reefers, container ships, bulk carriers and tankers. This enabled further expansion and diversification of Libra Group.

March 2005 Aerospace

Growing LCI's Aircraft Fleet

In a major year of investment, LCI embarked on an acquisition program that built its fleet from 8 to 18 aircraft within 12 months.

2004

September 2004 Real Estate

Building Singapore Real Estate Portfolio

We began our first major foray into residential real estate with the acquisition of 120 properties in Singapore’s prime residential areas. Just three years later we took advantage of the cyclical high point in 2007, selling the vast majority of the apartments that had been acquired.

June 2004 Real Estate

Entering Real Estate Sector in South America

We commenced large-scale investment in South America with commercial, retail, residential, and hospitality real estate interests resulting in landmark projects in Buenos Aires, Montevideo, and Cafayate.

March 2004 Aerospace

Building a Diverse Portfolio

We began the sale of many of our ships during what was to become one of the most significant upturns ever seen in global maritime history. In the same year, we created Lease Corporation International (LCI Aviation), our first business outside maritime, growing rapidly to become the world’s largest privately owned aircraft lessor.

2003

June 2003 Corporate

Creating Libra Group

Leveraging insights from Lomar, George Logothetis founded Libra Group in 2003 at age 28. Libra Group was created with the specific intention of building a group of businesses diversified both in geography and business sectors. Lomar’s numerous joint ventures with cargo interests allowed Libra to leverage its international footprint and deploy cross-sector insights immediately.

1976 - 2003 Corporate

Building a Maritime Legacy

At the age of 19, George Logothetis became CEO of his family’s company, Lomar Shipping, which had three vessels at the time. Between 1976 and 1994 Lomar built up a fleet of reefer containerships, investing heavily during market downturns. In 1997 the majority of the reefers were sold in order to embark on diversification of the fleet. The shipping business was grown into a modern and diversified 55-vessel fleet over 10 years.

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