AsiaFinance and InsuranceTankers

Norstar gets $32m facility to acquire LR1 product tanker pair

Singapore-based Norstar Shipping has secured a $32m senior secured credit facility from New York-headquartered CIT Maritime Finance to acquire two LR1 product tankers.

Chris Bonehill, principal of Norstar Shipping Group, said: “Evolving refinery dynamics favour product tankers, as U.S., Middle Eastern and Indian refinery capacity has increased, and European refinery capacity, burdened by higher costs, continues to decline. Thanks to their deep knowledge of the maritime sector, CIT understood the impact of these trends and quickly arranged a flexible financial solution that allowed us to seize the opportunities we saw in the market.”

The terms of the transaction were not disclosed, while CIT said that the financing was provided by CIT Bank, the principal bank subsidiary of CIT.

Norstar currently operates a fleet of 19 oil and chemical tankers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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