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.