American Shipping Company (AMSC), the US Jones Act tanker outfit, has secured a new $150m senior secured credit facility.

The facility will be used to refinance Overseas Martinez and Overseas Tampa that are on long-term bareboat contracts to Overseas Shipholding Group.

CIT Maritime Finance served as sole lead arranger and administrative agent for the deal with financing provided by CIT Bank.

“This is a great opportunity to commence a relationship with AMSC while lending against strong assets with excellent contract coverage,” said CIT Maritime director Omer Donnerstein.

“The