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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


ULSTEIN Reports ‘Good Results’ for 2014

Ulstein Verft (Photo: ULSTEIN)

Ulstein Group said it achieved a “good result” for 2014, with an operating turnover of NOK 2.7 billion compared to 2013’s NOK 2.3 billion.   Meanwhile, the group’s operating profit of NOK 184.1 million comes in under the NOK 317


Hellenic Ship Finances Look Up

Photo Credit: Iolcos Hellenic Maritime Enterprises

The overall Greek loans of Hellenic maritime companies and ship owners (drawn and committed but undrawn) rose to $64.019 billion by the end of 2014, 4.1% higher than the $61.498 billion of 2013. Petrofin Research in its latest annual research says that drawn loans are up by 2


China, India Sign over $22 bln in Deals

...

  China and India signed deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, an Indian embassy official said on Saturday. Namgya C. Khampa, of the Indian Embassy in China, made the remarks at the end of a three-day visit by Indian


Marsh to Take Over as Lloyd’s Register CEO

Alastair Marsh (Photo: LR)

Alastair Marsh, current CFO at the Lloyd’s Register Group Ltd. (LR), has been appointed as the successor to CEO Richard Sadler who has decided to step down at the end of 2015.   Sadler will pass the CEO role to Marsh on October 1


Topaz Energy and Marine Secures $550m Facility

Topaz Energy and Marine, an offshore support vessel company, announced a new $550 million facility.   The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350 million over seven years which will be used principally to repay


Diana Shipping Signs Loan Facility with Danish Ship Finance

  Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has completed a drawdown of US$30 million, through a separate wholly-owned subsidiary, under a term loan facility it signed with Danish Ship Finance A/S


AAPA Supports 'Move America Act'

Kurt Nagle (Photo: AAPA)

'Move America Act of 2015' would help fund landside improvements to U.S. ports -APPA   The American Association of Port Authorities (AAPA)—the unified and recognized voice of seaports in the Americas—publicly voiced support for the bi-partisan Move America Act of 2015


Targa: Splitter, Terminal with Noble Still Under Consideration

Targa Resources Partners LP is working closely with Noble Group as Asia's biggest commodity trader evaluates whether to move forward a deal to support a Targa-built condensate splitter, a new terminal or both in Texas, Targa Chief Executive Joe Bob Perkins said on Tuesday.  


ABS Expands in Offshore Markets with AIM Service

ABS Group has announced the release of a new offshore Asset Integrity Management (AIM) service focused on driving operational reliability, efficiency and profitability for asset owners and operators.   The AIM services are delivered by a newly dedicated offshore business division using a


Jan De Nul Orders SRI Duo

Subsea Rock Installation vessel. Photo provided by Jan De Nul Group

 Belgium-based dredging and marine construction giant Jan De Nul Group has ordered two 6,000 ton Subsea Rock Installation vessels at AVIC Weihai shipyard in Weihai, China.   The vessels will be able to install rock at depths up to about 600 m by means of a flexible fall pipe


GasLog Proft Doubles, But Misses Forecast

 Picture: GasLog

 Monaco-based liquefied natural gas carrier owner GasLog has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging.   Group net profits jumped to $13.8 million in 1Q15 from $6


OSRCL Inks Maintanence Deal with Wood Group

Courtesy Wood Group Kenny

  Wood Group Kenny (WGK) has secured a five year contract with Oil Spill Response (Capping) Ltd (OSRCL) to provide the maintenance support for a key part of a containment toolkit that would be used to control hydrocarbon release in the event of a subsea well control incident.  


FSV Group Acquires Damen Barge for Aquaculture

Endre Brekstad - Teknisk SjefTechnical Manager, FSV Group AS, Frank Koppelaar - Director Pontoons & Barges, Damen Shipyards Gorinchem

  FSV Group, the Norwegian operator of specialised vehicles for maritime operations, has taken delivery of a customised 41-metre Damen barge which will provide a range of services to the Norwegian aquaculture industry. This sector is currently expanding strongly as demand for farmed fish


Safeway: New Motion Compensated Gangway

Image: Van Aalst

The Van Aalst Group has introduced a new motion compensated gangway system under the brand name Safeway.   Developed and built in the Netherlands, the Safeway gangway bridge makes it possible for vessels to land at a broad range of offshore constructions


PPG Announces Executive Appointments

Morales Vince

  PG Industries today announced executive appointments effective June 1. Vince Morales, currently vice president, investor relations, will become vice president, investor relations, and treasurer. Morales will report to Executive Vice President and Chief Financial Officer Frank Sklarsky






 
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