The firm, a family enterprise which dates back four generations, was founded by Captain Giovanni Montanari in 1889. He started with a small
sailing ship for the innovative transport of wood and building materials between Mediterranean ports. A new and decisive boost to its growth
came after the First World War. When Captain Arturo Montanari succeeded Giovanni, he had five sailing vessels built for the transport of dry
cargo. These sailing vessels were equipped with auxiliary engine power. Although limited in size, they enabled the Company to acquire a
significant position in the mercantile economy of that time. Among these ships were the reputable “Egidia P. “, a lugger built in Chioggia in 1921
and the “Adalia”, a three-masted wooden schooner built in Fano in 1917. In the Second World War, all the ships were commandeered and
registered as ancillary craft in the Italian Navy. The fleet suffered a great loss during this war because three ships were sunk at Tobruk, another
ship off the coast of Anzio and yet another one in the lower Tyrrhenian Sea.

The post-war reconstruction process opened up new perspective for maritime international routes. In order to resume business immediately, the
Company bought “Liberty class ” vessels and commissioned the Trieste Shipyards to build small but highly specialized tankers.While the Italian
mercantile fleet was undergoing many changes, the Company acquired an ever more prominent position and was managed with an increasing
entrepreneurial spirit, especially under the direction of Giannetto Montanari, assisted by his brothers Attilio and Alberto. These were the years of
the economic boom when true challenges were present in the market which required new services. The Company enlarged its fleet and
broadened its objectives. As usual, Italian shipyards had the privilege of constructing the new vessels.

The Montanari enterprise expanded in the 60’s and in the 70’s, the firm strengthened its position under the Chairmanship of Attilio Montanari,
who was the last successor of the third generation.In 1997 G. & A.
Montanari & Co. S.p.A., the holding company of the group, in a continuous and steady business expansion and growth of the fleet has acquired
the majority stake of Navigazione Alta Italia S. p. A., company estabilished in 1906 in Genoa and listed in the Italian stock exchange since 1932.
At the same time it has set out a restructuring operation in the shipowning sector. Following the merger of the four companies of the group and
after having changed its name into Navigazione Montanari S.p.A., the company can now boast a very active fleet in the crude oil, chemical and
product carrier sector.