Fleet Financing

CIT provides up to $30.5 million

NEW YORK, May 24, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its Maritime finance the company served as sole lead arranger until $30.5 million in financing to expand Lomar Shipping’s portfolio of dry bulk vessels.

The funding, which will be used to acquire Kamsarmax vessels, has been arranged to support further diversification of Lomar’s growing fleet. Lomar is the maritime subsidiary of the Libra Group, an international business group primarily 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 move them remains strong,” said Nicolas Georgiou, CEO of Lomar. “We appreciate CIT’s maritime expertise and agility in arranging this financial package, which represents long-term confidence in the underlying strength of Lomar’s portfolio. We look forward to new partnership opportunities as that we continue to diversify our future fleet.”

“Lomar has extensive experience as a ship owner and operator and we are delighted to be working with them again to support the growth of their fleet,” said Evan CohenManaging Director and Group Head of CIT’s Maritime Finance Group.

CIT’s Maritime Finance business, part of the Commercial Finance group, provides customized secured lending solutions to a global customer base of shipowners and operators.

About CIT

CIT is a division of First Citizens Bank, the largest family bank in United States, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 U.S. financial institutions with more than $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium 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 deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more at cit.com/firstcitizens.

About Lomar

Lomar Shipping (www.lomarshipping.com), a subsidiary of the private Libra Group, is a leading shipowners and ship management group with a diversified fleet in the mixed sector. With over 45 years of industry expertise as a leading shipowner and operator, Lomar works globally with major blue-chip organizations, from charterers to shipping professionals to authorities. regulators and governments.

The Libra Group is a private international business group that primarily focuses on six key sectors: aviation, energy, hospitality, real estate, shipping and diversified investments. Libra Group also runs 10 social programs that reflect the values ​​of the Group, as well as a deep commitment to ESG at the heart of the business.

Lexa Tutela
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SOURCE CIT, a division of First Citizens Bank