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THE CIT GROUP/EQUIPMENT FINANCING

Horizon Offshore Completes Refinancing

Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and unpaid interest due at maturity in March 2011. The proceeds from the facility were used to repay the outstanding amount under the Company's previous CIT Group facility maturing in March 2006 and outstanding amount under the $70 million senior secured term loan facility agented by Manchester Securities Corp. maturing in March 2007 and related closing costs and fees. Amounts outstanding under the new secured term loan facility are secured by mortgages on most of Horizon's vessels and contains covenants, events of default and cross-default provisions customary in financings of this type.


E-commerce Briefs

Autoship Goes Dot.Com Autoship Systems, per its partnership with Stargate, an ISP/ASP provider, has developed jointly a web site whereby their loading planning software, LPS, can be used remotely. Utilizing thin client technology, Autoship can now enable internationally located clients to work with LPS without actually implementing the software on their personal computers. Remote access through the Internet allows users to run deploy LPS using any available computer with Internet


Joe Pitch Joins Marine-Finance.Com

Marine-Finance.Com announced that Joe Pitch has signed on as Managing Director for Marine-Finance.Com LLC. Pitch joins former CitiCapital Commercial Marine Finance colleague Robert Girard, SVP, who, along with CEO Richard Paine, constituted the core of the CitiBank- affiliated marine group. Pitch is a 30-year veteran of the equipment leasing/finance industry he has financed more than $1b in equipment. Based in Dallas, Texas


General Dynamics Tests U.S. Navy UUVs

Photo: General Dynamics

General Dynamics Advanced Information Systems, a business unit of General Dynamics, completed the comprehensive risk reduction program for the U.S. Navy’s Knifefish Surface Mine Countermeasure Unmanned Undersea Vehicle (UUV) program. Designed to discover any potential systems defect early on in the program’s development phase, the configuration item test (CIT) successfully verified key components within the UUV system including the hardware architecture and critical areas of


Signet Closes $209m Financing Facility

Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation, a global marine transportation company based in Houston. The new facility refinances Signet’s existing bank debt and provides acquisition financing for the purchase of Harvey Gulf International Marine’s ocean towing vessel (OTV) fleet, which includes eight OTVs


CAG Finance New SF Bay Tugboat

Baydelta tug at work: Photo courtesy of the owners

Capital Access Group (CAG) says that its $10.4 Million 504 Loan has enabled the acquisition of  a powerful, 85-ton tractor tugboat for San Francisco Bay – Baydelta Maritime's 'Delta Audrey'. Capital Access Group is a commercial real estate lender specializing in U.S. Small Business Administration 504 financing for growing businesses. CAG explain that the Delta Audrey features the most modern design, engines, and equipment to increase safety


Credit Suisse to Grow Vietnamese Shipbuilding Funds

Financial services company Credit Suisse Group said it has signed a memorandum of understanding to develop additional financing of up to $1b and provide services for Vietnam's shipbuilding industry. Credit Suisse has arranged $600m in loans for the country's state-owned shipbuilding group, Vinashin, so far this year through an existing financing agreement. Credit Suisse shares rose 49 cents to $66.46 in afternoon trading. [Source: Associated Press]


Clark Managing Director, BMT Marine & Offshore Surveys

Photo courtesy Emmett & Smith Ltd

BMT Marine & Offshore Surveys Ltd, a subsidiary of BMT Group Ltd, the leading international maritime design, engineering and risk management consultancy, announced the appointment of Nigel Clark as Managing Director with former Managing Director Dr. Phil Thompson taking on the role of non-executive Chairman. Clark has been with the company since September 2009 having joined as Finance Director. He has a background in the marine and offshore sectors having held senior positions within a


Phil Cowan Returns to Moore Stephens

Phil Cowan, Head of Corporate Finance

Corporate finance specialist Phil Cowan has returned to shipping accountant and consultant Moore Stephens as Head of Corporate Finance. Formerly Group CFO of V.Group Limited and Chairman of V.Ships Capital, Cowan has first-hand experience of ship management, marine services, shipbroking and ship finance, and represented shipowners and investors in a number of shipping asset investments, structuring equity and debt finance. He was responsible for a number of V


SMM Finance Forum: ‘Banks are Lending Again’

Dr. Carsten Wiebers

For Dr. Carsten Wiebers, Global Head of Maritime Industries at KfW IPEX-Bank, and member of the SMM Advisory Board, innovative financing solutions are key to Europe's continued international competitiveness in maritime high technology. On September 8, 2014, or SMM Finance Day, the SMM Ship Finance Forum will be held for the second time in conjunction with international maritime trade fair SMM. The forum, which will answer questions revolving around financing solutions for global


ABB to Power Emission-free Electric Ferries

Photo: HH Ferries

ABB informs it will supply the complete power and propulsion systems for two HH Ferries Group vessels to become the world´s largest emission-free electric ferries. The modernizations utilize turnkey ABB solutions including batteries, an energy storage control system and Onboard DC Grid


Lenders Deny BHP Port Debt on Coal Worries

Australian mining giant BHP Billiton pulled a $500 million debt refinancing plan at one of Australia's biggest coal export terminals after banks were reluctant to lend to the sector, said three sources with knowledge of the process. The decision earlier this month sets back efforts to simplify


Merger: Survitec Joins Forces with WMS

 Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec all related safety products and services, including Wilhelmsen Technical Solutions


Wärtsilä to Power Two Indian Dredgers

The new 8000m3 trailing suction hopper dredgers being built for the Adani group  Photo Wärtsilä

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The vessels are the first of a new IHC Beagle series designed by Royal IHC (IHC) of the Netherlands. IHC will also build the dredgers


Irish Ferries Splashes Out New $161 mln Vessel

Image: Irish Continental Group

 Irish Ferries’ parent company, Irish Continental Group  (ICG) has signed an agreement with German shipbuilder Flensburger Schiffbau-Gesellschaft  (FSG)  to construct a new cruise ferry costing EUR 144 million (USD 161 million).   


ECB urges Bremer Landesbank to boost capital amid shipping crisis

blb-logo

The European Central Bank has urged German state-owned lender Bremer Landesbank to shore up its capital resources against non-performing loans in shipping, three sources familiar with the matter said. Bremer (BLB) needs another 700 million euros ($800 million) in equity


BSEE Evaluates Oil Spill Response Exercise

(Photo: BSEE)

Engineers and analysts from the Bureau of Safety and Environmental Enforcement's (BSEE) Gulf of Mexico and Alaska Regions recently evaluated Spill Response Operations Training and Equipment Verification exercises conducted by the Tennessee Gas Pipeline Company and its oil spill removal contractor


Iran Strikes $2.4bn Ship Order with Korea

Image: Itexpo Team

 Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says.    The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and


Mid-winter Air drop for Australian Antarctic Division

The Australian Antarctic Division and Royal Australian Air Force have successfully flown a joint operational mission to East Antarctica, with a C-17A Globemaster III Photo RAAF

A Royal Australian Air Force C-17A Globemaster III strategic transport aircraft from Number 36 Squadron has successfully performed an air drop mission over Antarctica in support of the Australian Antarctic Division (AAD) building on the summer drop previously conducted in February 2016.  


Thygesen Named CEO of Svitzer

Henriette Thygesen (Photo: Maersk Group)

Henriette H. Thygesen, currently Damco CEO for the Americas, has been appointed CEO of Svitzer with effect from September 1.   Thygesen, who joined Maersk Group in 1994, has been with the group for 22 years, of which the last nine with Damco


AAPA Mourns Loss of Voinovich

George Victor, Courtesy U.S. Senate Historical Office

 The American Association of Port Authorities (AAPA)—the unified and recognized voice of seaports in the Americas — today is mourning the loss of one of Ohio’s most prominent politicians and citizens, George Voinovich, who died in his sleep early Sunday morning just weeks


SCF Group Secures Funds for New Arctic LNG Tanker

PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project.   The agreement was signed on June 17, 2016 by Sergey Frank


Fincantieri, Rosneft Partner for a New Ship

During the 20th St. Petersburg International Economic Forum, Fincantieri and Rosneft signed a Heads of Agreement for the formation of a joint venture focused on design and engineering of a new type of vessel to be built at the Zvezda shipbuilding complex


John Haynes Named Seawork Maritime Professional of the Year

This year’s Seawork Maritime Professional of the Year: John Haynes, managing director of Shock Mitigation

The Seawork Maritime Professional of the Year award celebrates exemplary individuals within the maritime sector. The Maritime Professional of the Year 2016 winner is John Haynes, managing director of U.K. company Shock Mitigation.   Haynes was nominated by James Ellison, who said


GasLog Completes $1.05 Bn Financing Facility for Six Vessels

Photo: GasLog Ltd

 Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities.   The Legacy Facility Re-financing covers eight on-the-water






 
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