New York-based shipping lender CIT Group has sealed another refinancing in the containership sector with a $22m lending to the Monaco-based Madison Marine Corp.

Madison, which was founded in 2005 by former V. Ships finance man Sebastien Knecht de Massy, is partially refinancing debt on a quintet of 4,000-teu boxships, CIT said in a statement on Monday.

All five are covered by charters with "a leading container liner company," the bank said.