Italian shipping has a new financier in the shape of former government minister Corrado Passera's illimity Bank.
The lender, formed in 2018, has struck a loan deal to finance a continuing fleet renewal at domestic tanker owner Navigazione Montanari Group.
The six-year facility worth €35m ($42m) has been granted to Montanari subsidiary Euromont Shipping and is backed by Italian export credit agency SACE through its "Garanzia Italia" (Italian Guarantee) programme.
