First Citizens Bank’s 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 ship owner and operator, providing management services for a fleet of more than 80 vessels with offices in Germany, Singapore, the Philippines and Türkiye.

“Demand for commodity shipping remains robust as we continue to build our fleet,” Richard Grube, managing director of Nordic Hamburg, said. “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,” Evan Cohen, managing director and group head of maritime finance at First Citizens Bank, said.