AUGUST 20, 2015 – CIT Group Inc. (NYSE:CIT) reports that CIT Maritime Finance provided a $61 million senior secured credit facility to Advantage Tankers, LLC to support the acquisition of two Suezmax crude tankers which are employed on long-term charters to a multinational oil company.
Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“The outlook for the crude oil tanker market remains attractive with Atlantic Basin crude oil production and Asian refining capacity likely to continue to increase,” said Tugrul Tokgoz, CEO of Advantage Tankers. “With the addition of these tankers to our fleet, we’re poised to take advantage of increased charter rates and rising asset values for the crude oil tanker market. CIT’s deep experience in the maritime sector played an important role as we sought financing for this transaction.”
Svein Engh, Group Head and Managing Director of CIT Maritime Finance, said, “We’re pleased to provide this acquisition financing to Advantage Tankers and look forward to growing our relationship as they look to position themselves for future growth as a world leader in the oil tanker shipping industry.”