CIT Leads $150MM Financing to American Shipping Company ASA



CIT Maritime Finance served as sole lead arranger and administrative agent in a $150 million senior secured credit facility to American Shipping Company ASA.

“This is a great opportunity to commence a relationship with AMSC while lending against strong assets with excellent contract coverage,” said Omer Donnerstein, director of CIT Maritime Finance. “The company is a best-in-class tanker owner with an experienced and respected executive team. We’re pleased to put our knowledge to work for AMSC and structure an attractive deal.”

The facility will be used to refinance Overseas Martinez and Overseas Tampa, two Jones Act tankers that are currently on long-term bareboat contracts to Overseas Shipholding Group. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“We’re pleased with CIT’s ability to put this financing in place for these two Jones Act vessels,” said Pål Lothe Magnussen, president and CEO of AMSC. “CIT’s understanding of the Jones Act industry and the team’s deep experience and expertise in the maritime sector is what attracted us to the lender. We look forward to building on this relationship.”

Established in 2005, AMSC is a ship-owning company with ten modern handy size product tankers on long-term bareboat charter with Overseas Shipholding Group. OSG charters the vessels out on time charters to major oil companies in the U.S. coastwise Jones Act trade.


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