Libra Group-subsidiary Seapath Launches Jones Act Leasing Business

The George M. Logothetis-led Libra Group’s subsidiary Seapath launches Jones Act leasing business with $25m in initial transactions. Libra Group maritime subsidiary Seapath will meet leasing demand for U.S.-flag vessels acquired through Jones Act-compliant company.

Through maritime leasing and financing solutions and a portfolio of vessels valued at approximately $25 million, Seapath is responding to a significant unmet demand for Jones Act-compliant transport.

Acquired through a Jones Act-compliant company, Seapath’s leasing portfolio includes an order of six Jones Act-compliant barges, which are currently under construction.

It also has a platform supply vessel (PSV) under bareboat charter to ThayerMahan Inc., a maritime technology company providing its government and commercial clients with turn-key autonomous marine solutions.

Joshua Lubarsky, president of Seapath, said: “Domestic maritime transportation is the backbone of the U.S. transportation system. By launching our new Jones Act leasing business, Seapath is proud to support vital maritime transportation needs.” He continued, “We aim to grow to a $100 million portfolio over the coming months as we expand our offering of Jones Act vessels.”

A U.S.-based company, Seapath was formed to address the need for critical investments in America’s maritime economy, including investments in marine industrial technologies and Jones Act vessels.

In September 2023, Seapath and Pilot LNG announced a joint venture to develop a new facility, the Galveston LNG Bunker Port, that will fuel LNG-powered vessels in the greater Houston/ Galveston area of Texas with an initial investment of approximately $200 million.

Seapath is one of three maritime subsidiaries of the U.S.-based Libra Group, a privately owned business group with 20 operating subsidiaries active in nearly 60 countries. It predominately focuses on six sectors: maritime, aerospace, real estate, hospitality, renewable energy, and diversified investments.

Manos Kouligkas, chief executive of Libra Group, noted: “Maritime is embedded into Libra Group’s DNA, and we are proud to help support and bolster America’s Jones Act-compliant fleet, which is critical to the U.S. economy.”

He continued, “Seapath builds on Libra Group’s extensive leasing capabilities across maritime and aerospace. We look forward to following their progress as they work to meet today’s and tomorrow’s trade needs across the U.S. and its greater territories.”