Epic Gas gets financing from CIT

Singapore: Transportation finance firm CIT Group, has announced that CIT Maritime Finance provided a $46.4m senior secured credit facility to Epic Gas.

The facility was used to partially finance the acquisition of a fleet of five LPG tankers that includes three newbuildings and two modern gas carriers acquired in the secondary market.

“This financing will allow Epic Gas to grow its fleet of tankers to support the growing demand in the LPG and petrochemical sectors,” said Svein Engh, managing director and group head of CIT Maritime Finance.

Lars Vang Christensen, ceo of Epic Gas, said, “The seaborne petrochemical trade is expected to grow year over year. These latest additions provide us the opportunity to continue growing our fleet with some of the largest vessels in the pressurized segment. [26/03/14]

 

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