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Cyprus-based ship management company Interorient Shipmanagement has secured a USD 11.4 million loan from the European Bank for Reconstruction and Development (EBRD) that will be used for the company’s expansion plans.
Interorient Shipmanagement is planning to expand its fleet under management through a series of investments to enhance the company’s fleet capacity.
According to the EBRD, the investment is also expected to contribute to the recovery of the Cypriot economy leading to higher levels of activity in the shipping sector.
“We are proud to sign our first transport loan in Cyprus with Interorient Shipmanagement to support the expansion of the company’s ship management services. This is an important first step for the EBRD’s engagement in the transport sector in Cyprus,” said Sue Barrett, EBRD Director for Transport during the signing ceremony in Limassol.
According to Themis Papadopoulos, CEO of Interorient Shipmanagement, the EBRD’s presence in Cyprus and its support for locally-based companies will make a significant contribution to the repositioning of the Cypriot economy.
Interorient Shipmanagement ha a managed fleet of more than 100 vessels with over 3,000 employees onboard and ashore. The company specializes in technical, crew and commercial management of various types of vessels, including crude and product tankers, bulkers, container vessels, general cargo and offshore support and supply boats.