Libra Group left the container shipping market this week after offering close to 100 vessels for more than $2 billion over a number of years to focus on innovation and sustainability as brand-new motorists of growth, the company's executive chairman said.

The container market hit rock bottom almost a decade ago before rebounding to tape-record highs during the COVID pandemic as demand for durable goods, which are carried by container ships, rose.

George Logothetis, executive chairman of independently owned U.S.-headquartered Libra Group, stated they had taken the most significant. wager in shipping history by purchasing ratings of ships in between 2010. to 2020.

It was a very difficult time, lots of challenging years, he. informed Reuters on the sidelines of the Posidonia shipping week in. Athens.

We took the decision that this was an once-in-a-lifetime. opportunity to get excellent costs for all the container ships. that were offered.

The vessels, run by subsidiary Lomar Shipping, were. sold in between 2020 and early June 2024, Logothetis said, leaving. the group with around 30 ships consisting of dry bulk and tanker. vessels.

Lomar's exit from the container sector belonged to a. decade-long tactical asset play, said Lomar Shipping CEO. Nicholas Georgiou.

He said Lomar had actually laid the structure for the exit from the. container shipping business over the past 3 years investing. in bulk carriers and tankers.

Lomar has constantly had the ability to switch sectors with ease. Our. technique is, and has actually constantly been, the diversification of our. business, a worth shared by all Libra Group business, Georgiou. told Reuters individually.

Libra, which is managed by the Logothetis household, has 20. subsidiaries with possessions and operations in almost 60 nations. and is active in maritime, aerospace, renewable energy, genuine. estate, hospitality, and varied industries.

Logothetis stated Libra had a really heavy focus on. sustainability and development. In 2015 Lomar introduced its. development arm, lomarlabs, to check out new adaptive maritime. technologies such as carbon capture devices, robotics, and. detachable wind sails.