CIT, a division of First Citizens Bank, announced 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.