This was an excellent opportunity to form a relationship with Valløby and its experienced management team while financing a high-quality chemical tanker fleet. We look forward to working with Valløby as they continue to grow their fleet.
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 $40 million senior secured credit facility to Valløby Shipping Ltd. to acquire a fleet of chemical tankers. Valløby is a newly established ship-owner backed by a private equity fund. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“The vessels in this fleet are young, epoxy-coated, double-hull chemical tankers that are well-positioned to achieve high utilization in the improving chemical tanker market,” said Dan Jespersen, spokesman for Valløby Shipping. “This acquisition establishes Valløby Shipping in the sector and positions the company to expand its fleet as opportunities arise. CIT’s efficient execution, professional approach and deep understanding of the tanker industry were crucial to the success of this transaction.”
Omer Donnerstein, Director, CIT Maritime Finance, said, “This was an excellent opportunity to form a relationship with Valløby and its experienced management team while financing a high-quality chemical tanker fleet. We look forward to working with Valløby as they continue to grow their fleet.”
Egemen Duzgoren, Vice President, CIT Maritime Finance, said, “The entrance of Valløby into the chemical tanker market is well-timed. Supported by a strong financial foundation, Valløby will quickly become a strategic tonnage provider in the chemical tanker segment.”
CIT thought leadership content can be found at View from the Middle™ (cit.com/viewfromthemiddle) and our CIT Point of View blog (cit.com/pov). View our corporate video (cit.com/corporatevideo) and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.com/newsalerts.
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, 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