CIT Provides $42 Million in Financing for Dry Bulk Fleet

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has announced a $42 million financing deal through its Maritime Finance division for Dynamic Bulk Holdings, a dry bulk shipping operator. This loan will be utilized to refinance existing debt on a fleet of seven Handymax vessels. As demand for commodities transport rises with global economic recovery post-COVID-19, CIT's support demonstrates its commitment to the maritime sector. CIT's Maritime Finance division specializes in customized secured loan solutions for global vessel owners and operators.

Positive

• CIT provided $42 million in financing, showcasing strong support for maritime industry.
• The financing will help Dynamic Bulk Holdings refinance existing debt, potentially strengthening their financial position.
• Rising demand for commodities transport reflects a recovering global economy, potentially boosting business for CIT.

Negative

• None.

NEW YORK, June 24, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business is providing $42 million in financing for a portfolio of seven dry bulk vessels.

Dynamic Bulk Holdings, a leading dry bulk shipping operator, will use the loan to refinance existing debt on its fleet of seven Handymax vessels.

"Demand for commodities transport increases constantly as the global economy recovers from the impact of the COVID-19 pandemic," said Tassos Psaropoulos of Dynamic Bulk Holdings. "We appreciated CIT's support all these years and its expertise in arranging this financing, which will help us to continue to serve our customers."

"Dynamic Bulk Holdings is well-known for its shipping experience and performance," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We have supported the company's financing needs in the past and are pleased to do so again with this latest loan."

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

About CIT 
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran@cit.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/cit-provides-42-million-in-financing-for-dry-bulk-fleet-301319292.html

SOURCE CIT Group Inc.

FAQ

What was the amount of financing provided by CIT Group for Dynamic Bulk Holdings?

CIT Group provided $42 million in financing for Dynamic Bulk Holdings.

What will the financing from CIT be used for?

The financing will be used to refinance existing debt on a fleet of seven Handymax vessels.

Which division of CIT Group is providing the financing?

The financing is provided by CIT's Maritime Finance division.

What does the demand for commodities transport indicate for the economy?

The increasing demand indicates a recovery of the global economy from the impacts of the COVID-19 pandemic.

What type of vessels is Dynamic Bulk Holdings operating?

Dynamic Bulk Holdings operates a fleet of seven Handymax vessels.