Daily News: November 13, 2012

CIT Launches Maritime Finance Business

CIT said it has launched CIT Maritime Finance, which will originate and underwrite blue water vessel financing. Svein Engh was appointed managing director and group head of the business and will report to C. Jeffrey Knittel, president, CIT Transportation Finance.

CIT Maritime Finance will offer 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. It will offer financing solutions that will help add value and drive business for our customers.

“The launch of CIT Maritime Finance demonstrates our efforts to increase the financing options offered through CIT Transportation Finance,” said Knittel. “There is strong demand for financing in the global marine sector and the deep industry relationships and expertise of our new team, led by Svein, will enable us to capitalize on these opportunities.”

Prior to his appointment, Engh served as chief executive officer of Octavian Maritime Holdings, where he built a new shipping company with sponsorship from Octavian Advisors, a New York-based investment fund. Before joining Octavian, he was managing director, BNP Paribas Fortis, where he was responsible for building the maritime portfolio in the North American market. He has also held executive positions with Christiania Bank in New York, Singapore and Oslo.