Fleetscape provides funding for a two VLCC transaction

In December 2019, Fleetscape completed a sale and leaseback transaction with Advantage Holding LLC (“Advantage”) by acquiring two 2009 built Very Large Crude oil Carriers (VLCCs). The proceeds from the transaction were used to acquire the vessels from an unrelated third party. The vessels were acquired at a total acquisition price of US$76 million, and the transactions include purchase obligations by Advantage at the end of the five-year charter period. The transaction included a US$56 million senior loan facility from CIT Group, Inc.


Established in 2014, Advantage acts as a holding company for eighteen single-purpose vessel owing entities; its majority shareholder is Mrs Nazli Williams. Advantage is incorporated in the Republic of the Marshall Islands with executive offices in Geneva and London.


This transaction is the third financing extended by Fleetscape to Advantage, building upon the strong relationship between the two companies. The strong relationship reflects Fleetscape’s belief in the company’s management team and its ability to efficiently and profitably manage tanker vessels in the current competitive market environment.

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