CIT Maritime assists Norstar in its global expansion plans

Chris Bonehill, principal, Norstar Shipping Group said: “Evolving refinery dynamics favor product tankers, as US, Middle Eastern and Indian refinery capacity has increased, and European refinery capacity, burdened by higher costs, continues to decline.

“Thanks to their deep knowledge of the maritime sector, CIT understood the impact of these trends and quickly arranged a flexible financial solution that allowed us to seize the opportunities we saw in the market. We look forward to working with CIT again.”

Svein Engh, group head and managing director, CIT Maritime Finance, said: “Norstar Shipping is an experienced technical and commercial manager that is well connected within the maritime industry and has strong existing relationships with cargo providers and charterers.

“We are pleased to establish a relationship with Norstar and are glad we were able to bring our maritime finance expertise to bear to help them build their tanker fleet.”

Norstar is a fully integrated shipping company carrying out all aspects of ship owning, investment, chartering, operations and finance. Its expertise is in the tanker sector.

The principals of Norstar are Chris and Tom Bonehill, who have over 40 years combined experience in the shipping industry. Norstar was founded in 1998 in London, initially as a ship brokerage firm. In 2001 Norstar relocated to Monaco to focus on ship owning, investment and management.

In 2005, Norstar Shipping (Asia) Pte. was formed in Singapore, which is now the company’s headquarters, covering all areas of commercial, technical and crew management. Norstar Shipping USA, was established in Connecticut in 2012.

CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels, including tankers, bulkers, container ships, car carriers, and offshore vessels and drilling rigs.

Norstar currently operates a fleet of 19 mainly oil product and chemical carriers. The vessels are predominately manned by Myanmar officers and crew.

Earlier this year Norstar opened a crewing office in Yangon, Myanmar, named Norstar Crew Management Company. The office was formally opened by Muang Muang Oo, Myanmar’s director general of the Department of Maritime Administration at a reception in Yangon.

Norstar’s director Tom Bonehill said: “The opening of our crewing office in Myanmar is a very significant step for Norstar. We have been using Myanmar seafarers on our vessels for many years now and the move to establish our own office where we can invest further in training and welfare is consistent with our long term commitment to our seafarers and Myanmar as a whole.”