American Shipping $150 million credit facility will refinance tankers

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – American Shipping Co. ASA obtained a $150 million senior secured credit facility with CIT Maritime Finance as lead arranger and administrative agent, according to a Tuesday press release.

Proceeds of 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, according to the release.

“This is a great opportunity to commence a relationship with AMSC while lending against strong assets with excellent contract coverage,” Omer Donnerstein, director of CIT Maritime Finance, said in the release.

Financing was provided by CIT Bank, NA, the principal bank subsidiary of CIT Group Inc. Terms of the transaction were not disclosed.

The shipping company is based in Oslo.

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