Glauco Lolli-Ghetti, one of the great Italian shipowners of the 20th century, has died.
The death of the 85-year-old shipowner on Tuesday was announced by his grandson Emanuele Lauro, managing director of Scorpio Ship Management.
In a brief note, Lauro said the family remains committed to the shipping industry and will continue to grow Scorpio in memory of its founder and president.
Lolli-Ghetti ordered more than 60 vessels in his lifetime mostly large tankers and his name ranks high in the league of Italy's most famous maritime businessmen. He rose to prominence as a shipowner after inheriting part of the shipping empire of Giovanni Bibolini, which was split in the 1960s with the Telesio family.
By the 1970s, Lolli-Ghetti had become one of Italy's biggest owners, running a fleet of over 60 ships and other businesses ranging from mining to Italy's famous Sampdoria soccer team.
Lolli-Ghetti became synonymous with top shipping enterprises, including state-owned Almare and Navigazione Alta Italia (NAI), which boasted over 50 products and oil tankers and was ranked 11th in the world in the 1960s.
Lolli-Ghetti moved to New York in the late 1970s but eventually settled in Monaco, where he established Scorpio.
He is succeeded by four children, including Maria Amelia, the youngest of his three daughters, who managed Scorpio in recent years. Lolli-Ghetti's son plays no role in the shipping business.
His successor is his grandson, Lauro, who is working to expand Scorpio's products-tanker operations in pools and KGs (limited partnerships).