Stonebriar Commercial Finance supports Jones Act marine industry
Written by Marine Log Staff
ImagW: Stonebriar Commercial Finance
Plano, Texas, based commercial finance provider Stonebriar Commercial Finance says that it has thus far this year funded, and is currently projected to fund through 2021, more than $355 million secured by Jones Act-compliant marine vessels, including tugs, barges, tankers, and containerships.
It says it stands ready to provide innovative capital solutions to U.S. maritime operators even when other lenders may be unwilling to lend in the current market. The company’s customers include maritime companies operating in a broad range of end-markets transporting commodities from petroleum products to consumer package goods.
“Maritime transportation has been a very attractive space for us,” said Mark Gibson, Vice President of Capital Markets at Stonebriar. “Recent safety and emissions regulatory changes for vessels operating in the inland river markets have resulted in a significant number of new long-lived assets coming online for operation in various industries within the Jones Act guidelines.”
“Our team has been very diligent in Stonebriar’s pursuit of well-structured transactions for long lived assets that hold their value over time,” said Steve White, Executive Vice President and Senior Managing Director of Capital Markets at Stonebriar. “We believe the Jones Act maritime market will strengthen as demand for petroleum products recovers to pre-pandemic levels, a significant number of the aging U.S. fleet are due for scrap, and very few new large capacity vessel deliveries are scheduled through 2023 due to limited shipyard construction capacity; all contributing to the right sizing of capacity in the market.”
