Lomar announces order for up to six 64,000 dwt bulk carriers

February 1, 2012

Libra Group’s shipping subsidiary, Lomar Corporation, commits to brand new fuel-efficient, new-design ‘Ultramax’ class with order from China’s COSCO Group

Lomar Corporation, a subsidiary of Libra Group, has signed an order with COSCO Group in China for up to six ‘Ultramax’ bulk carriers. Scheduled for delivery starting from early 2014, the ‘Dolphin’ 64,000 dwt vessels have been designed by leading Chinese design institute SDARI (Shanghai Merchant Ship Design and Research Institute) and meet the highest standards for fuel efficiency and environmental compliance, including the latest IACS Common Structural Rules (CSR). The investment restates Lomar’s dedication to the dry bulk sector with renewals and additions to the fleet which can carry a wide range of bulk cargoes and benefit from the latest eco-friendly, fuel-efficient designs.

The order takes Lomar’s current fleet to over 40 vessels. The new Ultramax bulk carriers have been designed to carry up to 11% more cargo than conventional Supramaxes whilst consuming around 13% less fuel. Lomar already has a longstanding relationship with COSCO Group for ship repair and dry docking works and looks forward to working with the group on newbuildings. Between 2004 and 2007 Lomar sold 69 vessels, re-entering the market in 2009 with the US$325m acquisition of Allocean and its entire fleet of 26 ships.

“These new vessels are the latest in design and efficiency,” said Achim Boehme, CEO of Lomar. “They complement our existing bulk carrier portfolio and allow us to stay competitive in the dry bulk markets. Our substantial investment demonstrates real commitment to operating a modern, fuelefficient fleet.”

For further information, please contact:

Charlie Hampton
Account Director
Bell Pottinger Business & Brand
Tel: +44 (0)20 7861 2424
champton@bell-pottinger.co.uk

Gareth Zundel
Head of Communications
Libra Group
Tel: +44 (0)20 7245 8700
gareth.zundel@libra.com