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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Aria Hotels unveiled its first property in Bogotá, Colombia, a modern, urban retreat featuring 54 elegantly designed rooms, strategically located in the vibrant commercial and entertainment districts of the country’s capital, offering views of the iconic Colombian Andes Mountains.
SLI announced the opening of a new regional headquarters in Abu Dhabi, United Arab Emirates that will act as a commercial base for SLI’s Middle East operations. This strategic expansion, facilitated by the Abu Dhabi Investment Office, underscores the region’s accelerating role as a global aerospace hub.
Libra Group sold its non-controlling stake in GreenMet and reinvested the proceeds into a sustainable lithium extraction and processing project in Texas and Arkansas.
Sparta Properties completed a multi-year, over €20 million capital program to renovate Ona Alborada, a leading hotel and resort in Tenerife, Spain.
The experience and historic track records of former Libra Group subsidiary FSA Group and its sister company Amerisud have been consolidated into Libra Group’s Latin American real estate subsidiary, FCA Group, in an effort to streamline businesses and improve efficiencies.
GSI acquired the 556 MW Homestead Solar Project in Alberta, Canada. As Canada’s second-largest solar project in development, Homestead significantly boosted GSI’s footprint, bringing its total North American renewable energy pipeline to over 2.4 GW.
SLI placed a firm purchase order for 25 of BETA Technologies’ all-electric ALIA CTOL (conventional take-off and landing) aircraft. This order represents a broadening of SLI’s portfolio beyond space to include Advanced Air Mobility (AAM) aircraft, and extends the long-standing relationship between BETA and Libra Group through its subsidiaries.
Aria Hotels further expanded its global presence with the addition of boutique hotel, Aria Santa Maria, its first property in the Dominican Republic. Located in Santo Domingo’s Colonial Zone, a UNESCO World Heritage Site, Aria Santa Maria is an exclusive nine-room hotel housed in a historic property, built between 1515 and 1523, and features a Greek restaurant—the first of its kind in Santo Domingo.
Greenwood Energy’s ɅLMɅ MɅTER project—a renewable energy education program developed in partnership with Universidad de Panamá—commenced commercial operation. The program includes four solar plants with a total capacity of 40MWp, now successfully integrated into Panama’s National Interconnected System.
Space Leasing International (SLI) acquired 10 ground stations formerly owned and developed by Microsoft, purchased through a partnership with RBC Signals. The ground stations will be leased to RBC Signals, one of SLI’s ongoing business partners.
SMFL and LCI announced that their joint venture helicopter leasing company entered into an agreement to acquire Macquarie Rotorcraft Limited, expanding their fleet to approximately 310 aircraft, strengthening its position in the helicopter leasing industry and expanding its business and customer bases.
Aria Hotels announced the opening of Casa del Torno, its first operational and second historic property in Colombia. Located in Cartagena’s San Diego neighborhood, Casa del Torno offers an intimate setting with high-end amenities, including a private pool and four bedrooms with authentic colonial design.
LCI celebrates two decades of impact and innovation in aviation, marking 20 years since it took possession of its first fixed wing aircraft in November 2004. Over the last 20 years, LCI has expanded into helicopters and advanced air mobility, and has completed over $10 billion in transactions.
St. Johns Ship Building, owned by Americraft Marine, announced a landmark agreement with the U.S. Army Corps of Engineers to construct two Log Barges, representing their first new construction project for the U.S. Government and reinforcing its role as a trusted partner in building essential marine assets.
A Greenwood Energy (GWE) delegation joined Arhuaco indigenous tribe leaders of Colombia for a historic audience with Pope Francis at the Vatican. Together, GWE and the Arhuacos are implementing the TERRA Initiative to develop large-scale solar projects in Colombia’s Sierra Nevada de Santa Marta mountains.
Aria Hotels announced it will expand its global presence, beginning in Colombia. This marks Aria’s first venture outside of Greece where it is developing new properties in the coming years, and offers Aria Hotels the ability to bring its signature blend of authentic Greek hospitality with modern amenities to Colombia.
Galveston LNG Bunker Port (GLBP), a joint venture between Seapath and Pilot LNG, entered into a gas supply agreement with Energy Transfer’s Houston Pipeline Co for the long-term supply of natural gas to its LNG bunkering facility in Texas City, Texas, under a contract worth approximately $1 billion over a 10+ year period.
SLI opened a new office in Geneva, Switzerland, joining SLI’s headquarters in London, UK. SLI’s Chief Operating Officer Ilias Tsakalis is also based in Geneva.
Libra Group’s North European biogas company, formerly known as Convergen Latvia, merged with Group subsidiary EuroEnergy, further enlarging the company’s pan-European footprint. Since inception, EuroEnergy has completed over €1.2 billion in deals, with 600 MW developed through nearly 180 projects. Today, the company has a combined generating capacity of over 110 MW and a pipeline of approximately 640 MW under development.
Lomar Shipping sold its remaining container ships. Almost 100 boxships were sold over several years, signaling Lomar’s exit from the container sector for the time being and generating over $2 billion in sales proceeds from mid-2020 until June 2024.
LCI and SMFL, via their joint venture, announced an order for up to 21 latest generation helicopters from Airbus.
Grace Hotel Santorini, owned by Sparta Properties, unveiled new infinity suites featuring private pools and terraces with unparalleled views of the Aegean Sea.
LCI raised over $2 billion in capital since 2019, underscoring the importance of efficient financing in the industry. In early 2024, LCI introduced four new lenders, ordered helicopters from Airbus and Leonardo, and implemented a social loan framework.
Aria Hotels announced it is constructing four vertiport charging stations to support eVTOL aircraft that will transform the future of ecotourism across Greece.
Seapath launched a Jones Act leasing business responding to a significant unmet demand for Jones Act-compliant transport through innovative maritime leasing and financing solutions with a growing portfolio of vessels valued at approximately $25 million.
FCA Group acquired a further six commercial properties in Casco Viejo, Panama, also known as the “old quarter.” The six commercial premises, three of which are newly constructed, are located on the busiest street in Casco Viejo.
LCI launched a new independent division, LCI Analytics, dedicated to high quality advisory, consultancy and research services covering mission critical rotorcraft and advanced air mobility operations across sectors including energy, emergency medical services (EMS), and search and rescue (SAR).
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
Aria Hotels, reached approximately 70 properties across their portfolio. This includes new properties in Patmos, Nafplio, Syros, and Aegina.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Libra Group sold 14 hotels in the United States between 2018-2019, taking advantage of the high prices in the market at that time.
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.
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.
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.
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.
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.
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.
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.
Joined the My Brother’s Keeper Alliance, a nonprofit addressing educational challenges for boys and young men of color in the US.
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.
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.
Greenwood Sustainable Infrastructure announced its $500 investment with Ilioss in solar projects in Mexico which will produce 250 megawatts by 2017.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
In a major year of investment, LCI embarked on an acquisition program that built its fleet from 8 to 18 aircraft within 12 months.
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.
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.
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.
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.
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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