Libra Group sells container shipping business for $2 billion

Libra Group, a US-based company, recently exited the container shipping market after selling nearly 100 ships valued at over $2 billion to focus on innovation and sustainability. This decision came after a challenging period followed by record-high demands for consumer goods during the COVID-19 pandemic. The company’s CEO, George Logothetis, called the move the “biggest bet in shipping history” after purchasing numerous ships between 2010 and 2020.

The subsidiary, Lomar Shipping, sold its vessels between 2020 and early June 2024, leaving the group with around 30 vessels, including bulk carriers and tankers. This strategic shift was part of a long-term asset strategy that involved diversifying into other sectors such as bulk carriers and tankers. The company’s CEO, Nicholas Georgiou, highlighted the company’s ability to adapt to changing industries and shared values of diversification with other Libra Group companies.

Libra Group, controlled by the Logothetis family, operates in various industries in nearly 60 countries, including shipping, aerospace, renewable energy, real estate, and hospitality. The company has a strong focus on sustainability and innovation, evident in the launch of its innovation arm, lomarlabs, to research new adaptive maritime technologies. This move highlights the company’s commitment to sustainable practices and exploring new technologies in the maritime sector.

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