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CIT Leads $56 Million Financing for Commercial Shipping Vessels

CIT Group Inc. (NYSE: CIT) yesterday announced that its Maritime Finance business led the arrangement of $56 million in financing toward the acquisition of two large commercial shipping tankers, which are employed on long-term charters.

The financing is part of a transaction involving Advantage Tankers and Fleetscape Capital. Both Advantage and Fleetscape are active in commercial shipping operations and financing, respectively, and are existing CIT clients. CIT served as lead arranger, agent and hedge provider on the financing, and also provided capital markets and treasury management services.

“We appreciated the expertise and agility of CIT in developing a proposal that met the financing needs for this important transaction,” said Tugrul Tokgoz, CEO of Advantage Tankers.

“We were pleased to work closely again with Fleetscape and Advantage Tankers and look forward to supporting them in the future,” said Evan Cohen, managing director and group head for CIT’s Maritime Finance business.

Maritime Finance, part of CIT’s Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators. Key areas of focus include the tanker, bulker, container and Jones Act shipping sectors.
Source: CIT Group Inc.

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