The European Bank for Reconstruction and Development (EBRD) is providing Cyprus-headquartered Interorient Shipmanagement a $11.4m loan to assist the company’s expansion.
EBRD said that Interorient is planning to expand its managed fleet through a series of investments which will enhance the company’s ability to increase its client base.
Themis Papadopoulos, CEO of Interorient Shipmanagement, commented: “We are delighted to start a relationship with the EBRD which will facilitate the implementation of our expansion plans. 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 is part of the Interorient Group, founded by Adonis Papadopoulos in 1979. The group company operates a fleet of modern, double hull product tankers and bulk carriers in the handy size and post panamax segments. Interorient Shipmanagement used to be known as Interorient Marine Services. It changed its name and launched a new website in September.
EBRD has invested more than €13bn ($13.75bn) in more than 260 transport sector projects across Europe, although this investment is the first transport related investment in Cyprus.