It was later known as the Lithuanian Steamship Corporation (). It was chaired by Martynas Yčas and Banaitis was vice-chairman. In March 1920, the company received the first motorized sea ships "Jūratė" and "Kastytis" (named after the fairy tale "Jūratė and Kastytis") produced by the Friedrich Krupp Germaniawerft. However, cargo transportation around the Baltic Sea was not profitable. "Kastytis" sank in 1925, and "Jūratė" was sold in 1926. The river transport was more profitable. The company had several steamships, including "Rambynas" (built in 1912 in Kiev, capacity 800 passengers), "Reinholdas" (built in 1912 in Elbing, capacity 320 passengers), "Eglė" (built in 1883 in Germany, capacity 255 passengers), "Gulbė". In 1927, Banaitis decided to expand on the shipping business to the Lithuanians emigrants headed towards the South America. He applied for a permit to establish a bureau of the Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft, but due to financial difficulties it was approved only in June 1928. A year later, it changed the name to Amerika and represented operating from Antwerp. In 1930, due to the Great Depression, Lloyd Royal Belge experienced financial difficulties and was acquired by Compagnie Maritime Belge. The Lithuanian government ordered Banaitis to find a different ship owner to represent and, when he failed to do so, terminated the permit for Amerika in March 1931. In 1927, Banaitis became a free non-matriculated student at the Law Faculty of the University of Lithuania. He attended the courses for a year. On 15 May 1928, for contributions to the Lithuanian state, he was awarded the 4th class of the Order of the Lithuanian Grand Duke Gediminas. In the last years, Banaitis worked as the director of the bus station in Kaunas. Appointed in early 1932 as the station director, he worked to relocate the station to a more convenient location. He was instrumental in purchasing the plot of land next to the Kaunas railway station and starting the construction. The new station was opened in 1935. Banaitis suffered bleeding from a stomach ulcer and died on 4 May 1933 in Kaunas. His funeral was attended by many dignitaries.