First Citizens Bank Provides $10 Million in Financing to Nordic Hamburg

Rhea-AI Summary

First Citizens Bank's Maritime Finance group has provided $10 million in financing to Nordic Handysize IV AS, a subsidiary of Nordic Hamburg, to finance two dry bulk ships. Nordic Hamburg is a ship owner and operator with a fleet of over 80 vessels. The financing will help Nordic Hamburg continue to grow its business.

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• First Citizens Bank's financing will enable Nordic Hamburg to expand its fleet and grow its business.

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• None.

NEW YORK, June 26, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, arranged to provide Nordic Handysize IV AS, a subsidiary of Nordic Hamburg, $10 million to finance two dry bulk ships.

Nordic Hamburg is a full-service ship owner and operator, providing management services for a fleet of more than 80 vessels. With offices in Hamburg, Singapore, Manila and Istanbul, Nordic offers a wide range of services and individual one-stop solutions within the international maritime sector.

"Demand for commodity shipping remains robust as we continue to build our fleet," said Richard Grube, managing director of Nordic Hamburg. "We appreciated the expertise and agility of CIT Maritime Finance in developing a proposal that met the financing needs for this important transaction."

"We were pleased to leverage our expertise to help empower the dynamic ship owner and manager Nordic Hamburg with the financing needed to continue growing its business," said Evan Cohen, the managing director and group head of Maritime Finance at First Citizens Bank.

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., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Ella Bristow
212-461-5322
Ella.Bristow@firstcitizens.com

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SOURCE First Citizens Bank

FAQ

Who provided financing to Nordic Handysize IV AS?

First Citizens Bank's Maritime Finance group provided $10 million in financing.

What will the financing be used for?

The financing will be used to finance two dry bulk ships.

How many vessels does Nordic Hamburg have?

Nordic Hamburg has a fleet of over 80 vessels.

Where are Nordic Hamburg's offices located?

Nordic Hamburg has offices in Hamburg, Singapore, Manila, and Istanbul.

What does Maritime Finance offer?

Maritime Finance offers customized solutions for secured loans to vessel owners and operators.