CIT Group Inc. announced its Maritime Finance business is providing $42 million in financing for a portfolio of seven dry bulk vessels.

Dynamic Bulk Holdings, a dry bulk shipping operator, will use the loan to refinance existing debt on its fleet of seven Handymax vessels.

"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."

"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."

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.