CIT Maritime Finance, part of the NYSE-listed US financial holdings company CIT Group, has helped Advantage Tankers to add two Suezmax tankers to its growing fleet.
The deal, arranged through CIT Bank, saw $61 million provided to the Geneva, Switzerland-headquartered Advantage, a big player in the global oil tanker shipping industry, with a fleet of 11 crude carriers – five Aframaxes and six Suezmaxes – before this deal.
The $61 million will be used to secure a senior credit facility.
Marshall Islands-listed Advantage is anticipating increased charter rates in the crude oil tanker market and has earmarked the two Suezmax tankers for long-term charters delivering crude oil to a multinational oil company.
Advantage Tankers is owned by majority shareholder Mrs Nazli Karamehmet Williams and management.