PST Get CIT 8-Tankship Buying Credit

MarineLink.com
Wednesday, October 02, 2013

CIT Maritime Finance has provided a $83.7 million senior secured credit facility to PST Tankers LLC, to finance the acquisition of a fleet of 8 product tankers managed by Product Shipping & Trading S.A., a company controlled by Pappas family interests. The fleet includes two Handysize (MRs) and six Long Range (LR1s) tankers originally belonging to Omega Navigation.

Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.

“This transaction represents our first financing of a fleet of modern product tankers acquired in the secondary market,” said Svein Engh , Managing Director and Group Head of CIT Maritime Finance. “We’re proud to play a role in PST Tankers’ fleet build-up and we look forward to supporting the joint venture and its shareholders further in the future.”

Hamish Norton, Chief Financial Officer of PST Tankers, said, “CIT Maritime Finance demonstrated a deep understanding of our business and the industry in executing a complex financing within a tight schedule. We appreciate their full support in this very strategically important transaction for PST Tankers.”

About PST Tankers
PST Tankers LLC is a joint venture formed between affiliates of Product Shipping & Trading S.A. and funds managed by Oaktree Capital Management, L.P. The joint venture is an open‐ended vessel acquisition partnership formed in April 2013 to acquire primarily modern product and chemical tankers in the secondary market.

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, as well as offshore vessels and drilling rigs.


People & Company News

MN100: MOPS Marine License Insurance

The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

Tanker Trends

BV Classes First LNG-fuel Oil/Chemical Tanker

Leading international classification society Bureau Veritas has classed the first LNG-fuelled newbuilding oil/chemical tanker, the 15,000 dwt Ternsund, built under BV class at Avic Dingheng,

SK Shipping Selects 5X72DF for LNG Carriers

Securing the position of its low-speed low-pressure X‑DF engines as market leaders, Winterthur Gas & Diesel (WinGD) has been selected to supply two 5-cylinder X72DF

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

Ship Sales

Securing the Scorpene: DCNS to Move Court

The French shipbuilder DCNS plans to seek an injunction to prevent further publication of information contained in 22,400 secret documents about stealth submarines built for India,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Finance

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1023 sec (10 req/sec)