AmericasFinance and InsuranceTankers

Valløby Shipping secures $40m loan to acquire chemical fleet

A private equity backed chemical shipping entity has been created. CIT Group has provided new PE-backed owner Valløby Shipping with a $40m senior secured credit facility to acquire a fleet of chemical tankers.

“The vessels in this fleet are young, epoxy-coated, double-hull chemical tankers that are well-positioned to achieve high utilization in the improving chemical tanker market,” said Dan Jespersen, spokesman for Valløby Shipping. “This acquisition establishes Valløby Shipping in the sector and positions the company to expand its fleet as opportunities arise.”

Egemen Duzgoren, vice president, CIT Maritime Finance, said, “The entrance of Valløby into the chemical tanker market is well-timed. Supported by a strong financial foundation, Valløby will quickly become a strategic tonnage provider in the chemical tanker segment.”

CIT is a financial holding company with more than $65bn in assets. A week ago CIT provided a $150m senior secured credit facility to American Shipping Company to refinance two Jones Act tankers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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