American Shipping Company refinances two Jones Act tankers

American Shipping Company refinances two Jones Act tankers

Transportation finance specialist CIT Group has announced that CIT Maritime Finance served as sole lead arranger and administrative agent in a $150m senior secured credit facility to American Shipping Company.

The facility will be used to refinance two Jones Act tankers, Overseas Martinez and Overseas Tampa, both currently on long-term bareboat contracts to Overseas Shipholding Group.

“We’re pleased with CIT’s ability to put this financing in place for these two Jones Act vessels,” said Pål Lothe Magnussen, president and ceo, AMSC. “CIT’s understanding of the Jones Act industry and the team’s deep experience and expertise in the maritime sector is what attracted us to the lender. We look forward to building on this relationship.”

American Shipping Company owns ten handysize product tankers, all on long-term bareboat charter with Overseas Shipholding Group.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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