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CIT Provides $40MM in Financing to Valløby Shipping

December 08, 2015, 07:19 AM
Filed Under: Marine

CIT Group announced that CIT Maritime Finance provided a $40 million senior secured credit facility to Valløby Shipping Ltd. to acquire a fleet of chemical tankers. Valløby is a newly established ship-owner backed by a private equity fund. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

“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. CIT’s efficient execution, professional approach and deep understanding of the tanker industry were crucial to the success of this transaction.”

Omer Donnerstein, Director, CIT Maritime Finance, said, “This was an excellent opportunity to form a relationship with Valløby and its experienced management team while financing a high-quality chemical tanker fleet. We look forward to working with Valløby as they continue to grow their fleet.”

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 Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels, including tankers, bulkers, container ships, car carriers, offshore vessels and drilling rigs.

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