Advantage Tankers receives funding from CIT Group

CIT Group Inc., a worldwide leader in transportation finance, recently announced that its CIT Maritime Finance has given $61 million in funds to Advantage Tankers LLC, a holding company based in the Marshall Islands.

The funds will be used to secure a senior credit facility.

“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,” Tugrul Tokgoz, CEO of Advantage Tankers, said. “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.”

Advantage Tankers was originally established to purchase an operating fleet comprised of crude oil tankers. The new facility will help the company to acquire two Suezmax crude tankers. These tankers will be used for long-term charters, as they will deliver crude oil to a multinational oil company.

“We’re pleased to provide this acquisition financing to Advantage Tankers and look forward to growing our relationship as they look to position themselves for future growth as a world leader in the oil tanker shipping industry,” Svein Engh, group head and managing director of CIT Maritime Finance, said.