Top executives at the ship management arm of London-Greek shipowner Lomar Shipping have seen pay fall as losses widened.
The latest accounts filed at Companies House in the UK show Lomar Shipping Ltd (LSL) made a net loss of £903,000 ($1.18m) last year, compared to red ink of £443,000 in 2022.
LSL’s revenue, which comprises management fees and commissions, was £7.4m, against £7.8m the year before.
The dip was due to lower commissions from charter lease contracts and sales of ships under management, the company said.
Administrative costs rose to £11.1m versus £9.8m in 2022.
LSL manages the fleet of the Lomar parent entity and does not typically manage vessels for other owners.
Lomar is part of the New York-headquartered and Bermuda-incorporated Libra Group, which is owned by George Logothetis and is active in six sectors including aerospace and maritime.
“Key management personnel” of LSL were paid £2.4m last year, down from £2.9m in 2022.
The highest-paid director received £1.33m, up from £1.13m.
The two directors now are LSL chief executive Nicholas Georgiou and CFO Mark Kethisouaran.
Three directors left the company in 2023.
Big fleet sell-off
In July, Lomar Shipping sold its last container ships as it focused on tankers and bulkers.
Nearly 100 vessels have departed the fleet in recent years, bringing in more than $2bn.
Logothetis said the company had taken the “biggest bet in shipping history” by acquiring dozens of container ships between 2010 and 2020.
In June, Lomar announced its ninth bulker purchase over the 12 months as it continues to expand its dry fleet.
The London-based company said it had spent $127m on secondhand dry cargo units in 12 months.
At its peak, before its divestment programme, Lomar had a diversified fleet with an average age of about seven years comprising about 40 boxships, bulkers and chemical and product tankers.
LSL’s total assets stood at £3.44m at the end of 2023, down from £7.46m a year earlier.
The shareholder surplus was £1.3m, down from £2.2m.
