CIT’s maritime finance business increased its financing of Crowley, a global shipping and logistics company, to a total of $57 million as part of a larger credit facility. This financing applies to multiple Crowley vessels.

“Crowley has a heritage of reliable shipping of more than 130 years, and this financing will help continue that safe and reliable service with a focus on innovation,” Steve Himes, vice president and treasurer of Crowley, said. “We appreciated CIT’s willingness to increase its financing for our vessels.”

“Crowley is widely respected throughout the maritime industry for its expertise and performance,” Evan Cohen, managing director and group head for maritime finance at CIT, said. “We were pleased to extend our financing arrangements with Crowley and look forward to continuing our relationship in the future.”