First Citizens Bank has provided $26 million in financing to Euroseas Ltd, according to the company's release. The funds will enable Euroseas to add a newly built 2,800 TEU Eco containership to its fleet.
First Citizens Bank is a U.S. financial institution offering personal, business, commercial, and wealth management services. Headquartered in Raleigh, N.C., it has a network of over 500 branches and offices nationwide. First Citizens BancShares, Inc., its parent company, is a top 20 U.S. financial institution with over $200 billion in assets and a Fortune 500 company. First Citizens Maritime Finance offers customized secured loan solutions to vessel owners and operators globally.
Euroseas Ltd. is a container shipping company formed in 2005. Euroseas owns and operates container vessels, providing seaborne transportation for containerized cargo. The company's fleet consists of 24 vessels, including 17 feeder and seven intermediate containerships, plus two new buildings on order, with a total cargo capacity of 76,094 TEU.