CIT Group recently announced that CIT Maritime Finance provided a credit facility worth US$83.7 million to PST Tankers to finance the acquisition of a fleet of eight product tankers. The vessels will be managed by Product Shipping & Trading, a company controlled by Pappas family interests.
The fleet will include two handysize (MRs) and six long range (LR1s) tankers originally belonging to Omega Navigation.
Financing was provided by CIT Bank, the United States commercial bank subsidiary of CIT.
