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.