CIT Maritime Finance, part of CIT Group Inc., is providing a USD 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.”
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.”