CIT Provides $80 Million to Refinance Two Container Ships

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced an $80 million financing deal to refinance two container ships operated by Seamax. The strong container ship market and Seamax's expertise were highlighted as key factors in this transaction. CIT's Maritime Finance business specializes in secured loans for vessel owners and operators, further supporting its clients' strategic business goals. First Citizens BancShares, the parent company, is a top 20 U.S. financial institution, managing over $100 billion in assets.

Positive

• CIT secured an $80 million refinancing deal, strengthening its Maritime Finance portfolio.
• The transaction reflects a robust container ship market, indicating industry stability.
• CIT's Maritime Finance division showcases its expertise in financing secured loans for vessel operations.

Negative

• None.

NEW YORK, July 12, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Maritime Finance business provided $80 million to refinance two Korean-built container ships operated by Seamax.

"As the container ship market remains strong and our charter exposure solid, we appreciate CIT's expertise in arranging financing for these vessels, which aids us in executing on our business strategy," said Ron Petrunoff, managing partner at Seamax.

"Seamax is well-known in the shipping industry for their expertise in operating and managing container ships and other transportation assets," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We're pleased to work with them again to arrange financing to support their business goals."

CIT's Maritime Finance business, part of its 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 Seamax
Seamax Capital was founded in 2012 to make investments in the transportation sector. Seamax currently operates a fleet of 12 modern, post-Panamax containerships totaling over 100,000 TEU of container capacity. The fleet is deployed in major trade lanes and provides the world's top shipping lines with over 1.2 million deadweight tonnage in carrying capacity. Learn more at www.Seamaxcapital.com. 

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.tutela@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What was the recent financing announcement by CIT on July 12, 2022?

CIT announced it provided $80 million to refinance two container ships operated by Seamax.

How does CIT's Maritime Finance division support its clients?

CIT's Maritime Finance division offers customized secured loan solutions to vessel owners and operators.

What is the significance of the $80 million financing for Seamax?

The $80 million financing aids Seamax in executing its business strategy amidst a strong container ship market.

What financial strength does First Citizens BancShares hold?

First Citizens BancShares manages over $100 billion in assets, making it a leading U.S. financial institution.