CIT Group Inc. announced its Maritime Finance business served as sole lead arranger on a $22 million financing for a portfolio of five container ships.

The financing was arranged on behalf of Madison Marine Corp., which is partially refinancing debt on five 4,000-TEU container ships. All five vessels are covered by existing charter agreements with a leading container liner company.

"The global supply chain continues to rely on container ships as a critical transportation mode in bringing goods to market," said Sebastien Knecht de Massy, Founder of Madison Marine. "In the specialized maritime field, we appreciated CIT's agility and expertise in valuing our container ships as assets and arranging this financing."

"Madison Marine is an experienced and skilled operator of commercial container ships," said Evan Cohen, Managing Director and Group Head of CIT's Maritime Finance business. "We were pleased to work with them again to support their financing objectives."

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.