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

[By: First Citizens Bank]

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.