OCTOBER 16, 2013 — New York headquartered CIT Group Inc. (NYSE: CIT) says that CIT Maritime Finance has entered into a cooperation agreement with Norway's RS Platou Finans AS that will help CIT Maritime Finance expand into the leasing market.
Svein Engh, Group Head and Managing Director of CIT Maritime Finance
RS Platou Finans AS was established 2004 as part of the RS Platou Group. It focuses on lease financing in the shipping and offshore industry and has structured more than 200 sale-leaseback vessels with transactions totaling approximately $4 billion. It currently manages approximately 80 vessels running on various bareboat contracts.
Svein Engh, Group Head and Managing Director of CIT Maritime Finance, said, "We see great growth potential in the shipping finance business and are very pleased to enter into this relationship with RS Platou Finans. Their deep industry expertise will be an asset to CIT Maritime Finance as we continue to build our portfolio."
"Through this agreement CIT Maritime Finance will have access to the RS Platou Group network of services, which will help us to further build a high quality portfolio of maritime assets," said C. Jeffrey Knittel, President, CIT Transportation Finance.
Peter Anker, CEO of RS Platou ASA, said, "As a world leading brokerage house in shipping and offshore, this cooperation agreement with CIT Maritime Finance will further increase the range of services that we are able to offer our clients."
Chris W. Svensson and Axel M. Aas, Co-founders of RS Platou Finans AS, said, "In the present banking world it has become even more important to find alternative financing. We are very pleased to develop this relationship with CIT and learn from their long-term experience of leasing assets to the aerospace and rail sectors."