Logothetis Family Buys 26 Ships

Freight transportation companies are going through tough times during the last several months because of the recession. The crunch is more recently felt because of the upcoming holiday season. A recent study has concluded that due to the recession, there has been a significant reduction in the volume of goods being transported to the United States. As there is less demand from the consumers, retailers are asking for reduced volume of supplies to be delivered by freight companies. In essence, there is less demand for the services offered by shipping companies as there is less demand for supplies from the consumers.

With the recent economic downturn, vessels are being sold at drastically reduced rates to encourage companies to purchase. One such company taking advantage of the discounted vessels is Lomar Shipping, a branch of the Logothetis Family. Logothetis has reappeared recently for its intent to purchase an entire fleet of ships. Lomar Shipping has struck a deal with the Australian company Allocean. Purchasing 26 vessels worth more than one billion dollars but reduced to a fraction, the final price being only 325 million dollars.

The Lomar Shipping Company was established by Michalis Logothetis in 2003 and is a member of a larger multinational corporation known as the Libra group. For the several decades that Libra has existed, they have conducted good business by investing and reinvesting assets according to the existing and prevalent market conditions. With the recent financial crisis, they have heeded the call for help by Allocean and its group, the Allco Finance Group and have decided to take advantage of the drastic reduction of prices in ships.