CIT Maritime Finance provided USD 64 million in senior secured credit facilities to Tanker Solutions III, LLC, a joint venture between Prime Tanker Management and funds managed by Castlelake, L.P.
The facilities support the purchase of up to five long-range (LR1) product tankers, three of which have already been acquired. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
Michael Chalkias, Co-CEO and Co-Founder of Prime Tanker Management, said: “This investment broadens the partnership between Prime and Castlelake and allows us to gain further scale for our joint LR1 platform. This transaction comes at an opportune time in the marine transportation sector. Refinery dynamics have shifted to favor product tankers as American, Middle Eastern and Indian refinery capacity has increased. CIT’s financial support has enabled us to advance the growth strategy we share with Castlelake. We look forward to further collaboration with CIT.”
Press Release, Image : Prime Marine Management