NOVEMBER 19, 2014 — CIT Group Inc. (NYSE:CIT) reports that CIT Maritime Finance provided a $24.1 million senior secured credit facility to Blue Wall Shipping Limited, an investment holding company. The facility supports the purchase of dry bulk carriers in the Handysize and Supramax segments. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"We're pleased to provide this financing to Blue Wall Shipping to purchase these vessels," said Svein Engh, Group Head and Managing Director of CIT Maritime Finance. "The Handysize and Supramax vessels are essential links in international trade, representing one of the work horses of the dry bulk trade. Blue Wall has more than 50 years of fleet experience and management. This transaction allows us to build a new relationship with Blue Wall, while providing them financing to grow their shipping portfolio."
George Gourdomichalis, Chief Executive Officer and Co-Founder of Blue Wall, said, "Our strategy is to invest in modern dry bulk vessels, purchased at historical low prices. The global demand for these cargoes has generally continued to grow through the latest downturn. Targeting the Handysize, Handymax and Supramax vessels, this financing allows us to further capitalize on the favorable supply dynamics and greater diversity in types of cargoes, trade routes and ports for these size vessels. CIT's financial support and maritime expertise has enabled us to advance our growth strategy. We look forward to further collaboration with Svein and his team."