New York-based CIT Bank has clinched yet another ship financing, extending a $42m loan to a private equity-backed shipowner with ties to Greek player Technomar Shipping.
CIT said it is bankrolling the seven-unit handymax portfolio of Dynamic Bulk Holdings, which is managed by George Youroukos-controlled Technomar and backed financially by Texas-based Lone Star Funds, a private equity firm.
“Demand for commodities transport increases constantly as the global economy recovers from the impact of the Covid-19 pandemic,” said Tassos Psaropoulos of Dynamic Bulk Holdings.
“We appreciated CIT’s support all these years and its expertise in arranging this financing, which will help us to continue to serve our customers.”
Psaropoulos is also chief financial officer of Global Ship Lease, the US-listed containership owner affiliated with Technomar.
“Dynamic Bulk Holdings is well known for its shipping experience and performance,” said Evan Cohen, managing director and group head for CIT’s maritime finance business.
“We have supported the company’s financing needs in the past and are pleased to do so again with this latest loan.”
As TradeWinds has reported, CIT has been active in its latest chapter as a ship lender under the leadership of Cohen, the former DVB banker who took the helm of the maritime finance business in November 2018.
It announced two deals within a week in May, extending a $34.25m refinancing to Greek bulker owner Globus Maritime on six vessels just after lending $22m as a refinancing of containerships in the fleet of Monaco-based Madison Marine Corp.
Technomar and Global Ship Lease, which features Youroukos as executive chairman, have both been active acquirers in the containership market in the past year.
Dallas-based Lone Star invests in distressed assets and since its founding in 1995 has established 21 private equity funds with capital commitments totalling more than $85bn. Its founder and chairman is John Grayken.
