CIT Provides $32 Million in Financing to Norstar Tankers
August 13 2015 - 8:30AM
Business Wire
Facility Supports the Acquisition of Two Long
Range (LR1) Product Tankers
CIT Group Inc. (NYSE:CIT), cit.com, a global leader in
transportation finance, today announced that CIT Maritime Finance
provided a $32 million senior secured credit facility to Norstar
Tankers Ltd. to acquire two long range (LR1) product tankers.
Financing was provided by CIT Bank, N.A., the principal bank
subsidiary of CIT. Terms of the transaction were not disclosed.
“Evolving refinery dynamics favor product tankers, as U.S.,
Middle Eastern and Indian refinery capacity has increased, and
European refinery capacity, burdened by higher costs, continues to
decline,” said Chris Bonehill, Principal, Norstar Shipping Group.
“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. We look forward to working with
CIT again.”
Svein Engh, Group Head and Managing Director, CIT Maritime
Finance, said, “Norstar Shipping is an experienced technical and
commercial manager, that is well connected within the maritime
industry and has strong existing relationships with cargo providers
and charterers. We are pleased to establish a relationship with
Norstar and are glad we were able to bring our maritime finance
expertise to bear to help them build their tanker fleet.”
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About Norstar Shipping
Norstar is a fully integrated shipping company carrying out all
aspects of ship owning, investment, chartering, operations and
finance. Norstar’s expertise is in the tanker sector. The
Principals of Norstar are Chris and Tom Bonehill, who have over 40
years combined experience in the shipping industry. Norstar was
founded in 1998 in London, initially as a ship brokerage firm. In
2001 Norstar relocated to Monaco to focus on ship owning,
investment and management. In 2005, Norstar Shipping (Asia) Pte.
Ltd. was formed in Singapore, which is now the Company’s
headquarters, covering all areas of commercial, technical and crew
management. Norstar Shipping USA, LLC was established in
Connecticut in 2012. norstarshipping.com
About CIT Maritime Finance
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, and offshore vessels and drilling rigs.
cit.com/maritime
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across more than 30
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:C. Curtis RitterSenior Vice President
of Corporate Communications(973) 740-5390Curt.Ritter@cit.comorMatt
KleinVice President, Media Relations(973)
597-2020Matt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
CallahanSenior Vice President(973)
740-5058Barbara.Callahan@cit.com
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