CIT Increases Financing for Polsteam Ship Operator by Nearly $10 Million
CIT, a division of First Citizens Bank, today announced that its Maritime Finance business has increased its financing for Polska Zegluga Morska Capital Group, also known as Polsteam Group, by $10 million via a secondary purchase.
CIT Maritime’s loan expands its relationship with Polsteam Group and increases CIT’s total financing commitment to the client by about 50%. The overall financing is secured by 26 dry-bulk carriers.
“Polsteam Group is an experienced and trusted cargo shipping enterprise with a bright future,” said Evan Cohen, managing director and group head for CIT’s Maritime Finance business. “We appreciated the opportunity to extend our financing and look forward to working together in the future as the business continues to grow.”
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.