Advantage Tankers, LLC, a Marshall Islands-based holding company established to acquire an operating fleet of crude tankers, has secured a USD 61 million senior secured credit facility from CIT Maritime Finance, US bank holding company CIT Group Inc informed.
The facility supports the acquisition of two Suezmax crude tankers which are employed on long-term charters to a multinational oil company.
Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“The outlook for the crude oil tanker market remains attractive with Atlantic Basin crude oil production and Asian refining capacity likely to continue to increase, ” said Tugrul Tokgoz, CEO of Advantage Tankers .
“With the addition of these tankers to our fleet, we’re poised to take advantage of increased charter rates and rising asset values for the crude oil tanker market. CIT’s deep experience in the maritime sector played an important role as we sought financing for this transaction.”
Established in 2014, Advantage has a fleet of eleven single-purpose tankers, built from 2009 to 2012.