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First Citizens Bank Provides $26 Million in Financing to Euroseas Ltd.
February 11, 2025
Source: First Citizens Bank
NEW YORK — Feb. 11, 2025 — First Citizens Bank today announced that its Maritime Finance business provided $26 million in financing to Euroseas Ltd., enabling the container shipping company to add a newly built 2,800 TEU Eco containership to its fleet.
Euroseas (NASDAQ: ESEA) was formed in 2005 and owns and operates carrier vessels and provides seaborne transportation for containerized cargoes. The company owns a fleet of 24 vessels on the water, including 17 feeder and seven intermediate containerships, plus two new buildings on order, with a total cargo capacity of 76,094 TEU.
"As demand continues to rise, we are expanding our fleet to keep pace with market growth while maintaining a strong focus on sustainability," said Dr. Anastasios Aslidis, Chief Financial Officer of Euroseas Ltd.
"By investing in modern, eco-efficient vessels, we reaffirm our commitment to reducing emissions in the shipping industry and delivering lasting value to our shareholders,” he continued. “We appreciated the expertise and responsiveness of the First Citizens Maritime Finance team in arranging the financing for this important fleet addition."
"Euroseas has built a strong reputation as a global leader in operating high-quality container vessels," said Evan Cohen, Managing Director and Group Head of Maritime Finance at First Citizens Bank. "We are honored to support Euroseas with financial solutions that support their continued growth and industry leadership."
First Citizens Maritime Finance offers customized solutions for secured loans to a global client base of vessel owners and operators.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
John M. Moran
Senior Vice President, Integrated Communications
First Citizens Bank
(212) 461-5507
Euroseas (NASDAQ: ESEA) was formed in 2005 and owns and operates carrier vessels and provides seaborne transportation for containerized cargoes. The company owns a fleet of 24 vessels on the water, including 17 feeder and seven intermediate containerships, plus two new buildings on order, with a total cargo capacity of 76,094 TEU.
"As demand continues to rise, we are expanding our fleet to keep pace with market growth while maintaining a strong focus on sustainability," said Dr. Anastasios Aslidis, Chief Financial Officer of Euroseas Ltd.
"By investing in modern, eco-efficient vessels, we reaffirm our commitment to reducing emissions in the shipping industry and delivering lasting value to our shareholders,” he continued. “We appreciated the expertise and responsiveness of the First Citizens Maritime Finance team in arranging the financing for this important fleet addition."
"Euroseas has built a strong reputation as a global leader in operating high-quality container vessels," said Evan Cohen, Managing Director and Group Head of Maritime Finance at First Citizens Bank. "We are honored to support Euroseas with financial solutions that support their continued growth and industry leadership."
First Citizens Maritime Finance offers customized solutions for secured loans to a global client base of vessel owners and operators.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
John M. Moran
Senior Vice President, Integrated Communications
First Citizens Bank
(212) 461-5507
