THE CIT GROUP/EQUIPMENT FINANCING
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.
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
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 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
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
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
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]
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
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
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
Leading marine and fire safety equipment and service provider, VIKING Life-Saving Equipment (VIKING) is stocking ready-packaged liferafts to provide fixed-price liferaft exchange to vessels calling Japanese ports. “The world of shipping is dominated by a small group of countries
Shell Oil Co is poised to restart oil drilling in the Arctic in the near future once it receives the go-ahead from the U.S. government, which could happen soon. The decision to allow the oil company access has been controversial among environmentalists groups as well as local
Business momentum is fast picking up at Swiber Holdings Limited despite the downturn in the oil and gas industry as the Group clinches a total of US$405.6 million for a series of contracts, including its latest US$333 million contract for Engineering, Procurement
The International Maritime Organization (IMO) has agreed to use the International Marine Contractors Association (IMCA) proposals as the basis for the review of the IMO Guidelines for vessels with dynamic positioning (DP) systems (MSC/Circ.645).
The Seattle Port Commission is seeking a passage to calmer waters after facing protest and song over its lease of Terminal 5 to provide a staging area for Royal Dutch Shell’s Arctic oil drilling fleet. The city’s Department of Planning and Development will “review
Inaugural meeting brings class and industry together to improve technical standards for offshore equipment safety ABS recently convened the inaugural meeting of the ABS Offshore Equipment Advisory Committee, bring together a group of technical advisors on March 4, 2015
British billionaire Richard Branson's Virgin Cruises has sailed into early choppy waters as a former CEO of Norwegian Cruise Line accused of pirating business plans and ideas for building "ultra ships." Former Norwegian Cruise Line CEO Colin Veitch has filed suit
The joint venture between Aker Philadelphia Shipyard ASA (AKPS) and Crowley has received a firm and fully underwritten commitment from a group of banks and other financial institutions for a USD 325 million senior secured term loan facility.
Ghana's finance minister said on Thursday that the forecast for oil revenues in 2015 had been slashed to 1.5 billion cedis ($416.7 million), down from 4.2 billion cedis forecast in the budget presented in November due to falling oil prices.
U.S. Treasury Secretary Jack Lew, together with U.S. Sen. Ben Cardin (D- Md.), visited Ellicott Dredges March 9 at the company’s Baltimore plant for a discussion about U.S. export policies, the U.S. Government financing entity Eximbank and infrastructure investment programs.
Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million.
The shipping services arm of China Ocean Shipping, Cosco International reported its profit attributable to equity holders for the year ended 31 December 2014 rose 48.6% year-on-year to HK$359 million ($46.3 million). Revenue, however, fell 18.5% to HK$7
For the 2014 financial year, VIKING Life-Saving Equipment A/S has again managed to lift both its top and bottom line to record levels. Turnover grew 7 percent to DKK 1.728 billion, and pre-tax profits reached DKK 183.7 million – an increase of 30 percent.
Scorpio Tankers Inc. announced today that it has received commitments from two leading European financial institutions for two separate loan facilities of up to $113.2 million in aggregate to partially finance the purchase of four LR2 product tankers that was announced in December 2014.
On December 19, 2014 Heerema Fabrication Group (Zwijndrecht) awarded Imtech Marine a contract to supply the heating, ventilation and air conditioning (HVAC) system to the 6,000-metric-ton Alba B3 Greenfield compression platform, which is currently under construction for Marathon E.G