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Sterling Ocean Secures Financing for Fleet of Product Tankers

CIT Provides $61.8 Million Financing to Alterna Capital Partners’ Portfolio Company to Acquire Three ‘ECO-Design’ Product Tankers

NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT) cit.com, a global leader in transportation finance, today announced that CIT Maritime Finance provided a $61.8 million senior secured credit facility to a portfolio company of Alterna Capital Partners, a private equity firm based in Wilton, CT, to finance the acquisition of three 50,000 DWT ECO-design Medium Range (MR) IMO II/III product/chemical tankers from STX Offshore & Shipbuilding Co., Ltd. The tankers are owned by Sterling Ocean Shipping, which is majority owned and controlled by Alterna, with technical management provided by Fleet Management Limited. All three vessels have been placed under long-term time charters with Stena Weco, a leading shipper of petroleum products, edible oils and easy chemicals. The Sterling MR tankers represent the first in a series of STX next-generation ECO MR tanker designs.

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