CIT Provides Up to $30.5 Million Financing for Lomar Portfolio

Rhea-AI Summary

CIT, a division of First Citizens Bank, has arranged up to $30.5 million in financing for Lomar Shipping to expand its fleet of dry bulk vessels. The funding aims to support diversification through the acquisition of Kamsarmax vessels. Nicholas Georgiou, CEO of Lomar, emphasized strong global demand for dry bulk commodities, reflecting confidence in their portfolio. CIT's Maritime Finance is part of the broader Commercial Finance group, providing tailored solutions for vessel owners.

Positive

• CIT arranged $30.5 million in financing for Lomar Shipping to enhance its fleet.
• Financing will support the acquisition of Kamsarmax vessels, aiding fleet diversification.
• Strong global demand for dry bulk commodities indicates a positive market environment.

Negative

• None.

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

FAQ

What is CIT's recent financing announcement for Lomar Shipping about?

CIT announced it arranged up to $30.5 million in financing for Lomar Shipping to expand its fleet of dry bulk vessels.

How will Lomar Shipping use the financing from CIT?

The financing will be used to acquire Kamsarmax vessels to further diversify Lomar's fleet.

What sector does Lomar Shipping operate in?

Lomar Shipping operates in the shipping sector, focusing on dry bulk vessel management.

What is the significance of the financing for First Citizens Bank (FCNCA)?

This financing showcases CIT's capability to support maritime finance initiatives, enhancing its portfolio under First Citizens Bank.

When was the financing for Lomar Shipping announced?

The financing announcement was made on May 24, 2022.