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
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a global leader in transportation finance, today announced that CIT Maritime Finance provided a $61 million senior secured credit facility to Advantage Tankers, LLC, a Marshall Islands-based holding company established to acquire an operating fleet of crude tankers. The facility supports 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.”
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About Advantage Tankers
Advantage Tankers LLC is a Marshall Islands holding company ultimately owned by Mrs. Nazli Karamehmet Williams and management. advantagetankers.com
About CIT Maritime Finance
CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels, including tankers, bulkers, container ships, car carriers, and offshore vessels and drilling rigs. cit.com/maritime
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations