Lomar Announces Order for Up to Six New Design, Fuel-efficient Wenchong 2,200 TEU Container Ships

LONDON, March 26, 2012 /PRNewswire/ --

- Lomar, the shipping subsidiary of the Libra Group, signs new order with GWS China for latest generation container vessels

Lomar has signed an order with the Guangzhou Wenchong Shipyard in South China, for up to six new container ships. Scheduled for delivery starting from early 2014, the 2190 nominal TEU capacity vessels (14mt/TEU homogenous load of 1570 TEU) 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. The investment restates Lomar's dedication to container shipping with renewals and additions to the fleet which benefit from the latest fuel-efficient designs, and follows the company's order earlier this year for up to six new bulk carriers from China's COSCO Group.

The order takes Lomar's current fleet close to 50 vessels. The new hull-optimised ships offer improved performance compared with existing container vessels of the same size by providing significant savings on fuel consumption, and at a wide range of speeds in comparison to those presently in the market.

"We are re-investing in our fleet with these new vessels," said Achim Boehme, CEO of Lomar. "Wenchong has a very strong reputation for delivering excellent quality container vessels and being among the best shipyards in the 'feeder' size sector. We look forward to taking delivery of these newbuildings which will enhance our existing portfolio and allow us to stay competitive, continuing to offer a comprehensive service across the whole of Lomar with a modern, fuel-efficient fleet."

Lomar is the shipping subsidiary of the Libra Group, a diversified international business group. The company has a mixed fleet of vessels including bulk carriers, container ships, LPG and chemical tankers as well as offshore vessels. Libra's other transportation interests include its aviation leasing subsidiary, LCI, which is also involved in the offshore sector and has recently placed an order for a fleet of new generation AgustaWestland helicopters.

About Lomar

Lomar is a global ship-owning and operating company that is owned by the Libra Group. Lomar has successfully bought and sold mixed classes of vessel over a period of 35 years. This was epitomised by the sale of almost its entire fleet between 2004 and 2007. In late 2009, Lomar re-invested in shipping at scale with the US$325m acquisition of the Allocean fleet of 26 vessels. Today, with recent orders, the Lomar fleet is close to 50 vessels.

Commercial and technical management of Lomar's fleet is handled through its offices in London, Bremen and Singapore.

About Libra Group

The Libra Group is a privately owned conglomerate undertaking strategic investment around the globe. The group was created in 2003 as a holding company for the diversified business interests of the Logothetis family that for nearly 30 years had been focused almost exclusively on international shipping. Operating from 20 offices across four continents, Libra Group's 30 operating subsidiaries are primarily focused on aviation, shipping, real estate, hospitality, and renewable energy.