First Citizens Bank Provides $22 Million to Euroseas Ltd. for Containership Financing

Rhea-AI Summary

First Citizens Bank has provided a senior secured loan of $22 million to Euroseas for financing a new 2,800 TEU Eco containership. Euroseas, established in 2005 and trading on Nasdaq under ESEA, operates 22 container vessels, including 15 Feeder and 7 Intermediate containerships, with a total cargo capacity of 66,261 TEU. This investment aims to meet the growing demand for cargo transport and demonstrates Euroseas' commitment to reducing its carbon footprint. First Citizens' Maritime Finance team facilitated the financing, highlighting their expertise and support for Euroseas' expansion and decarbonization goals.

Positive

• $22 million senior secured loan for new containership.
• Total fleet capacity of 66,261 TEU.
• Commitment to reducing carbon footprint with new Eco containership.
• Support from First Citizens Maritime Finance.

Negative

• None.

News Market Reaction

+1.91%

1 alert

+1.91% News Effect

On the day this news was published, ESEA gained 1.91%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, June 25, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance business provided a senior secured loan of $22 million to Euroseas Ltd. for the financing for a newbuild 2,800 TEU Eco containership.

Formed in 2005, Euroseas (Nasdaq: ESEA) is an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes. The company has a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships. Euroseas' 22 containerships have a cargo capacity of 66,261 TEU.

"Demand for cargo transport is growing and we are expanding our fleet to serve that market growth by investing in top quality ships that considerably reduce our carbon footprint, showing our commitment to decarbonize our industry while serving the interest of our shareholders in the most accretive way," said Symeon M. Pariaros, Chief Administrative Officer of Euroseas Ltd. "We appreciated the expertise and agility of the First Citizens Maritime team in arranging the financing for this latest addition to our fleet."

"Euroseas has a strong and growing reputation as a world-class owner and operator of high-quality container vessels," said Evan Cohen, managing director and group head of Maritime Finance at First Citizens Bank. "We look forward to continuing to support Euroseas as they pursue their business objectives."

First Citizens 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., 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 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

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SOURCE First Citizens Bank

FAQ

What is the value of the loan provided to Euroseas by First Citizens Bank?

First Citizens Bank provided a $22 million senior secured loan to Euroseas

What is the purpose of the $22 million loan to Euroseas ?

The $22 million loan is for financing a new 2,800 TEU Eco containership.

How many vessels are in Euroseas 's fleet as of June 2024?

Euroseas operates a fleet of 22 container vessels.

What is the total cargo capacity of Euroseas 's fleet?

The total cargo capacity of Euroseas 's fleet is 66,261 TEU.

What is Euroseas 's stock symbol?

Euroseas 's stock symbol is ESEA.

What type of new containership is Euroseas financing with the loan?

Euroseas is financing a new 2,800 TEU Eco containership.