Seapath Launches Jones Act Leasing Business with $25 Million in Initial Transactions

March 13, 2024

[March 13, 2024]  — Today, Seapath, one of Libra Group’s maritime subsidiaries dedicated to advancing critical maritime infrastructure, announced the launch of a Jones Act leasing business.

Through innovative maritime leasing and financing solutions and a growing 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 dedicated to 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, CEO of Libra Group, said, “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.”

Libra Group’s other maritime holdings include Lomar Shipping, a global shipping company with nearly 50 years of maritime heritage, and Americraft Marine, which owns and operates a Jones Act-compliant ship-building facility in Palatka, Florida.

The Group also has 20 years of aviation leasing experience through its subsidiary LCI, a leading aircraft lessor. In 2023, the Group launched Space Leasing International (SLI), the world’s first business dedicated to owning and leasing assets critical to the space economy.

About Seapath

Seapath is dedicated to advancing America’s infrastructure and competitiveness. Seapath focuses on maritime industrial technology and Jones Act vessel leasing to meet domestic maritime needs. Seapath partners with key stakeholders to modernize critical infrastructure and advance projects that enhance the nation’s economic resilience and industrial competitiveness. Seapath is a maritime subsidiary of Libra Group. For more information, visit www.seapathgroup.com.

About Libra Group

Libra Group is a privately owned, global business group encompassing 20  businesses predominately focused on aerospace, renewable energy, maritime, real estate, hospitality, and diversified investments. With assets and operations in nearly 60 countries, the Group applies the strength of its global network and capabilities to deliver cross-sector insights and growth at scale. For more information, visit www.libra.com.

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