Seapath Launches Jones Act Leasing Business

Seapath, a subsidiary of the Libra Group, has initiated a Jones Act leasing operation, having already completed initial transactions worth $25 million.

The leasing business of Seapath comprises a contract for six barges that adhere to the Jones Act and are in the process of being built. Additionally, it manages a platform supply vessel (PSV) that is chartered to ThayerMahan under a bareboat agreement.

Joshua Lubarsky, the president of Seapath, expressed the company's objective to expand its portfolio to $100 million in the near future.

"Seapath builds on Libra Group’s extensive leasing capabilities across maritime and aerospace,” stated Manos Kouligkas, the CEO of Libra Group.

In a significant move towards supporting LNG-powered ships, Seapath, in partnership with Pilot LNG in September 2023, unveiled plans for the Galveston LNG Bunker Port. This new venture aims to provide LNG fueling services in the Houston/Galveston region, starting with an investment of around $200 million.

As one of Libra Group's three maritime branches in the United States, Seapath is part of a larger network that includes Lomar Shipping and Americraft Marine. The latter operates a Jones Act-compliant shipyard in Palatka, Florida.