Seapath Launches Jones Act Leasing Business
Libra Group subsidiary Seapath has launched a Jones Act leasing business offering maritime leasing and financing solutions and a growing portfolio of vessels valued at approximately $25 million.
The group said it sees significant unmet demand for the supply of Jones Act compliant transport assets.
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.”
Seapath’s leasing portfolio currently includes an order of six Jones Act-compliant barges, which are currently under construction, as well as a platform supply vessel (PSV), TM Diiligence, under bareboat charter to ThayerMahan Inc.
“We aim to grow to a $100 million portfolio over the coming months as we expand our offering of Jones Act vessels,” Lubarsky said.
U.S.-based Seapath was formed to address the need for 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.
The Libra Group, a U.S.-based privately owned business with 20 operating subsidiaries active in nearly 60 countries, has been expanding its footprint in the maritime sector. Its other maritime holdings include global shipping company Lomar Shipping and Americraft Marine, which owns and operates St. Johns Ship Building in Palatka, Fla.
“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.” said Manos Kouligkas, CEO of Libra Group. “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.”