NEW
YORK, May 24, 2022 /PRNewswire/ -- CIT, a
division of First Citizens Bank, today announced that its
Maritime Finance business served as sole lead arranger
on up to $30.5 million in financing
to expand Lomar Shipping's portfolio of dry bulk vessels.
The financing, which will be used to acquire Kamsarmax vessels,
was arranged to support further diversification of Lomar's growing
fleet. Lomar is the shipping subsidiary of the Libra Group, an
international business group predominately focused on six key
sectors whose subsidiaries own and operate assets in more than 50
countries.
"Global demand for dry bulk commodities and the shipping needed
to transport them remains strong," said Nicholas Georgiou, CEO of Lomar. "We appreciate
CIT's maritime expertise and agility in arranging this financing
package, which represents long-term confidence in the underlying
strength of Lomar's portfolio. We look forward to more partnership
opportunities as we continue to diversify our future-forward
fleet."
"Lomar has extensive experience as a ship owner and operator and
we are pleased to collaborate again with them to support their
fleet growth," said Evan Cohen,
managing director and group head for CIT's Maritime
Finance group.
CIT's Maritime Finance business, part of the Commercial
Finance group, offers customized solutions for secured loans
to a global client base of vessel owners and operators.
About CIT
CIT is a division of First Citizens Bank, the largest
family-controlled bank in the United
States, continuing a unique legacy of strength, stability
and long-term thinking that has spanned generations. Parent
company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top
20 U.S. financial institution with more than $100 billion in assets. The company's commercial
banking segment brings a wide array of best-in-class lending,
leasing and banking services to middle-market companies and small
businesses from coast to coast. First Citizens also operates a
nationwide direct bank and a network of more than 600 branches in
22 states, many in high-growth markets. Industry specialists bring
a depth of expertise that helps businesses and individuals meet
their specific goals at every stage of their financial journey.
Discover more at cit.com/firstcitizens.
About Lomar
Lomar Shipping (www.lomarshipping.com), a subsidiary of the
privately-owned Libra Group, is a leading ship-owning and
management group with a diversified mixed sector fleet. With over
45 years of industry expertise as a leading ship owner and
operator, Lomar works globally with major first-class
organizations, from charterers to shipping professionals,
regulatory authorities and governments.
The Libra Group is a privately-owned, international business
group that predominately focuses on six key sectors: aviation,
energy, hospitality, real estate, shipping and diversified
investments. Libra Group also operates 10 social programs that
reflect the Group's values, as well as a deep commitment to ESG at
the core of the business.
MEDIA RELATIONS:
Lexa
Tutela
212-461-5305
Lexa.tutela@firstcitizens.com
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SOURCE CIT, a division of First Citizens Bank