CIT Group Inc. announced its Maritime Finance business is providing $70 million in financing to Maritime Asset Partners for the refinancing of Sterling LLC. Maritime Asset Partners is a specialized finance platform focused on leasing, secured lending and structured equity solutions.

Sterling owns and operates 11 Handysize dry bulk vessels, a majority of which were previously financed by CIT. As a result of the refinancing, Sterling is now solely controlled by Dalex Shipping, a Greek shipping company led by Vassilis Dalacouras, with a long history of operating dry bulk vessels.

“Dalex Shipping is a renowned player in the dry bulk industry with over 50 years of experience,” said Oscar Ulstein, Partner of Maritime Asset Partners. “We appreciated CIT’s commercial approach and maritime industry expertise in arranging the senior facility to conclude the structured refinancing together with the Dalex Shipping team.”

“We have worked closely in the past with Sterling and its investors to finance dry bulk ships, and we are pleased to do so again in support of this transaction,” said Evan Cohen, Managing Director and Group Head for CIT’s Maritime Finance business. “CIT’s long-standing relationship with Maritime Asset Partners continues to strengthen through the completion of our third transaction together.”

Maritime Finance, part of CIT’s Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.