NEW
YORK, June 25, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Maritime
Finance business provided a senior secured loan of
$22 million to Euroseas Ltd. for the
financing for a newbuild 2,800 TEU Eco containership.
Formed in 2005, Euroseas (Nasdaq: ESEA) is an owner and operator
of container carrier vessels and provider of seaborne
transportation for containerized cargoes. The company has a fleet
of 22 vessels, including 15 Feeder containerships and 7
Intermediate containerships. Euroseas' 22 containerships have a
cargo capacity of 66,261 TEU.
"Demand for cargo transport is growing and we are expanding our
fleet to serve that market growth by investing in top quality ships
that considerably reduce our carbon footprint, showing our
commitment to decarbonize our industry while serving the interest
of our shareholders in the most accretive way," said Symeon M.
Pariaros, Chief Administrative Officer of Euroseas Ltd. "We
appreciated the expertise and agility of the First Citizens
Maritime team in arranging the financing for this latest addition
to our fleet."
"Euroseas has a strong and growing reputation as a world-class
owner and operator of high-quality container vessels," said
Evan Cohen, managing director and
group head of Maritime Finance at First Citizens Bank. "We look
forward to continuing to support Euroseas as they pursue their
business objectives."
First Citizens Maritime Finance offers customized solutions
for secured loans to a global client base of vessel owners and
operators.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets and
a member of the Fortune 500™. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank