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
Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016, Mohab Memish, head of the Suez Canal Authority, said on Wednesday.
MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering
Chairman of the Suez Canal Authority (SCA), Vice Admiral Mohab Mamish, signed a settlement agreement with the Suez Canal Container Terminal (SCCT-Maersk), says Daily News Egypt. Egypt is also planing to complete a side channel in East Port Said, near the Suez Canal.
China's Hong Kong Nicaragua Development (HKND) Co. said it is delaying the start of construction on a controversial $50 billion inter-ocean canal across Nicaragua until late 2016. HKND has obtained approval for environmental studies of the canal earlier this month
Fugro has taken delivery of the new ROV support vessel (RSV) Fugro Aquarius. The new Brazilian-built DP-2 diesel-electric vessel is 83 meters is length with a deck area of 520 square meters and accommodation for 60 people. Permanently equipped with two Fugro-built 150HP work class ROVs
By loading fitted sections (grand blocks), with more than 1450 tons of steel equipped with piping, ironmongery components and electric routing on a special cargo barge delivery was executed in Shipbuilding Industry Split Inc. on 5 November 2015.
Fugro has taken delivery of the new ROV support vessel (RSV) Fugro Aquarius, the most advanced vessel of her type built in Brazil. The new DP-2 diesel-electric vessel is 83 metres is length with a deck area of 520 square metres and accommodation for 60 people
Global engineering, technical and business services organisation, Lloyd’s Register (LR), has announced the appointment of Mary Waldner as Group CFO. Mary is currently Group Finance Director at FTSE 250 listed defence, security, transport and energy company Ultra Electronics and
The Industrial and Commercial Bank of China (ICBC) has signed a financing agreement with Germany shipping company F.Laeisz GmbH. Under the agreement, the ICBC will provide 65 million U.S. dollars in export buyer's credit for F
The search and rescue boat Idar Ulstein was named in Ulsteinvik today, becoming the latest newbuild to join the fleet of the Norwegian Society for Sea Rescue. RS Idar Ulstein is also the first vessel in the new Ulstein class, named after ULSTEIN’s long-time CEO
Press release- Global engineering group Cavotec has won five separate orders with a combined value of more than $9.6 million for some of its key innovative technologies, including the Group's MoorMasterTM automated mooring system and the new Automatic Plug-in System (APS)
TRIYARDS Holdings Limited has extended its product range to escort tugs for new client Greenbay Marine Pte Ltd, a Singapore-based international specialist marine craft group, demonstrating the Group’s established versatile engineering capabilities which have driven its continued
Japanese Prime Minister Shinzo Abe may consider a request from the Philippines for large coastguard ships to patrol the disputed South China Sea, after the two allies reached a deal on defence equipment and technology. China has overlapping claims with Brunei, Malaysia, the Philippines
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.
MacGregor, part of Cargotec, has secured orders for a series of Pusnes deck machinery packages for various shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering