KEY EQUIPMENT FINANCE

Crowley Announces Promotions

Ismael Estrada has been promoted to director of Port Operations for Crowley Liner Service's Isla Grande terminal in San Juan, Puerto Rico. In his new role, he is responsible for all operational activities of the terminal including equipment control, freight services, security and maintenance. Estrada joined Crowley in 1990 as Supervisor of Vessel Cargo Operations and was subsequently promoted to Manager of Terminal Operations. Estrada will report to Roberto Lugo, Jr., Vice President and General Manager. Jose F. Nazario has been promoted to Director of Finance and Administration for Crowley Liner Service's Puerto Rico operations. In his new role, he is responsible for the direction and administration of the budget process, forecasting, tax interpretation, financial planning, accounting services and other reporting activities. Nazario joined Crowley in 1985 and has held a number of key managerial positions including his latest as Director of Port Operations. Nazario will continue to report to Roberto Lugo, Jr., Vice President and General Manager.

Offshore Wind Investment Survey – Summit Planned

A  'Wind Energy Update' survey identified key factors determining investor's choice of contracts; an offshore wind risk summit is planned “Experience of the team” was recently named as the principal trait to accumulate capital for current offshore wind projects as found in Wind Energy Update’s survey on offshore wind investment and finance. Further to this, survey participants also saw that: ”the use of proven technologies’’ and the

Trico Marine Announces Financing Arrangement

Trico Marine Services, Inc. announced that Trico and GE Commercial Equipment Financing have entered into an agreement that will provide approximately $11.4 million of funding for the marine services company. Under the operating lease arrangement, GE will pay Trico approximately $11.4 million for three 155-foot crew boats currently being built for the company by Gulf Craft, Inc. Upon the completion of each vessel, GE will charter the vessels to Trico

Awilco Exercises Option for Jackup Drilling Rig No. 8

Awilco Offshore (AWO) has exercised an option with PPL to build a 375-ft. jackup drilling rig with drilling depth of 30.000 ft. The rig will be named WilConfidence. The rig is to be delivered in the second quarter of 2009, and has a delivered cost of $149m. The delivered cost includes contract price with the yard, site supervision, pipe handling equipment, spare parts and finance costs during construction.

BRAZIL: U.S. Find New Opportunities

While the U.S. economy may be in the doldrums, smart U.S. companies are looking increasingly to exports to help their bottom lines.  A major market for U.S. exports is Brazil.  This article examines new market opportunities in the oil and gas, shipbuilding and port infrastructure in Brazil, and identifies certain financing sources available to U.S. companies seeking to participate in these markets.   Brazil’s growth in recent years has been amazing

Globalstar Reports Results for Second Quarter of 2001

Satellite communications company, Globalstar, has reported its results for the quarter ended June 30, 2001, which showed steady increases in both voice and data traffic, with a broadening base of new customers among key industry targets. Efforts to restructure the company's finances are continuing with the assistance of outside advisors. In the meantime, the company's marketing and sales efforts are showing growing acceptance of the service across industries and government organizations

Philadelphia Gear Appoints Verget as CFO

Philadelphia Gear Corporation announces the hiring of Stephen Verget to the position of Chief Financial Officer (CFO). Verget replaces Matt O'Reilly, and will be responsible for leading all accounting, financial analysis and treasury functions for Philadelphia Gear. He will also play a key leadership role in defining and executing Philadelphia Gear's evolving business model focused on specialized gear aftermarket service and marine propulsion drives.

Appoints New Member to Advisory Board

The Panama Canal Authority (ACP) has appointed Nippon Yusen Kabushiki Kaisha (NYK Line) President Koji Miyahara as its newest Advisory Board member. This appointment helps strengthen the Canal's focus in maritime shipping and provides the Board with representation from Japan, one of the largest users of the Panama Canal. Additionally, Mr. Miyahara will play a key role in the implementation of the ACP's expansion plans.

K-Sea Acquires Integrated Tug Barge Unit

K-Sea Transportation Partners L.P. has acquired the 140,000 barrel capacity double-hulled barge S/R New York and the 8,000 horsepower tugboat S/R Everett. This integrated tug barge unit, built in 2000, had been leased by SeaRiver Maritime, Inc., a subsidiary of Exxon Mobil Corporation, from a financial institution. The purchase price of $34 million was financed using available cash and $25 million in borrowings under a new term loan

MSC Ships Support Korean-defense Exercise

A water bladder on the pier at Chinhae naval base is filled by offshore petroleum distribution system ship MV Vice Adm. K.R. Wheeler (blue-hull ship in distance) Feb. 26 as part of a demonstration of the ship's capabilities during Exercise Key Resolve 2008. Photo by Edward Baxter, Sealift Logistics Command Far East Public Affairs Military Sealift Command personnel and ships demonstrated their ability to quickly respond to a breakout of hostilities on the Korean peninsula as part of