MSea Capital secures $30m debt refinancing

Maritime Finance, part of First Citizens Bank’s CIT division, has arranged the refinancing of MR product tankers worth up to $30m for affiliates of MSea Capital. 

MSea Capital was founded in 2012 by Modi Mano and is an international maritime investment and asset manager with expertise in tanker and commodity shipping.

“We are very satisfied with the expertise demonstrated by CIT’s Maritime Finance team and their support in helping further position our commercial vessels,” said Debashish Bhattacharya, managing director at MSea Capital.

“We were pleased to leverage our experience on behalf of MSea, which is well recognized throughout the industry for their success in ship operation and management,” said Evan Cohen, managing director and group head of Maritime Finance at First Citizens Bank.

Maritime Finance also provided a $44.2m loan to Angeliki Frangou’s Navios Maritime Partners at the beginning of the year. The Greek shipowner will use the proceeds secured by product tankers to refinance existing debt.