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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


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


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


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]


Michel Sirat Appointed CFO of CMA CGM Group

Michel Sirat - Copyright CMA CGM_web.jpg

CMA CGM Group has appointed Michel Sirat to the position of Group Chief Financial Officer. With degrees from the Institut d’Etudes Politiques of Paris, the Ecole Centrale of Paris and the Ecole Nationale d’Administration, Sirat began his career at the French Treasury Department, followed by a posting at the International Monetary Fund, in Washington D.C. After eleven years at the French Ministry of Finance


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


Petrobas Signs for US$1.5-Billion Japanese Bank LOC

The lines of credit are for Petrobras to purchase equipment & services from Japanese companies in Brazil & abroad, based on an earlier MOU that established a strategic partnership between JBIC and Petrobras.
 Petrobras has signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and


Honghua Group Wins Rig Contract from Orion

Zhang Mi, Chairman & President of Honghua Group

  Chinese rig builder Honghua Group has been awarded a contract by Orion Engineering and Management Ltd  to build a semi-submersible drilling rig, with options to build three more. According to a statement released by Honghua, the rig deal worth US$320 million was signed by its offshore


SBI Wins Jack-up Design and Engineering Contract

SBI Offshore Limited, which is pursuing higher-value oil and gas engineering projects, said today it has secured a $24 million contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110 meters.


HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY. Results Highlights Strong profit growth: profit attributable to the equity holders surged


MN 100: Dometic Marine

Dometic Chiller.jpg

2000 N. Andrews Ave. Ext. Pompano Beach, Florida 33069 Tel: (954) 973-2477    Email: ned.trigg@dometic.com Website: www.dometic.com CEO: Roger Johansson President: Frank Marciano The Company: Dometic Marine, a division of the Dometic Group


ExxonMobil's Board Elects Two Vice Presidents

Image

  Exxon Mobil Corporation’s board of directors has elected David S. Rosenthal as vice president and controller and Jeffrey J. Woodbury as vice president of investor relations and secretary, effective Sept. 1. Rosenthal, 58, is currently vice president of investor relations and


Protecting Crews During Disease Outbreak

Personal Protection Kit

Global maritime organizations have issued health guidance on the risks posed to ships’ crews calling in countries affected by the Ebola virus. International ship supplier, Hutton’s Group, is responding to requests for information and assistance from its maritime customers by


Survitec to Exhibit Escape Slides at SMM

SurvitecZodiac MES escape slide and rafts during heavy weather sea trials (Photo courtesy of Survitec)

Survitec Group announced that it will showcase its SurvitecZodiac range of escape slides and liferafts at the SMM exhibition in Hamburg as part of the Survitec Group Stand (Hall B5, Booth 324) and will include presentations of what the company calls the most advanced escape slide systems on the


Polarcus Tests Market, Improves Earnings

Polarcus Adira

Polarcus Limited today announced the release of its second quarter 2014 financial statements in which it reported revenue rose 13% sequentially and 5% YoY to $137.6 million while. The company highlighted EBITDA of $49.9 million and EBIT of $23.8 million, a net profit increase to $9


MN 100: ABS Group

weinstein.jpg

16855 Northchase Drive Houston, TX 77060 Tel: (281) 673-2945  Email: kevenson@abs-group.com Website: www.abs-group.com President & CEO: David Weinstein The Company: ABS Group provides a range of technical solutions to support safe


Rapp Marine Hires Vatnehol as CEO

Helge Vatnehol

Helge Vatnehol has been appointed Group CEO of Rapp Marine. Vatnehol comes from the position of Senior Vice President Offshore Deck Machinery in Rolls Royce and takes over on September 1, 2014. “The companies in the winch division of former Rapp Marine Group have been collected within


ESG to Build Four RA Tugboats

Contract announcement: Image courtesy of ESG

Eastern Shipbuilding Group (ESG) said that Suderman & Young Towing Company & Bay Houston Towing Company have placed orders for a total of four new Robert Allan, LTD. (RAL) Z-Tech 2400 Class Terminal & Escort Tugs at Eastern’s Panama City, Florida facilities.


Odebrecht JV Wins $1.3b Colombia Waterway Contract

Colombia awarded a 2.5 trillion peso ($1.33 billion) contract to a consortium led by Brazil's Odebrecht SA on Friday to improve navigability on the Magdalena River, which the Andean nation has long planned to exploit for cargo transport. Odebrecht will have an 87 percent stake in the joint


Korea Pledges Full Supports for Shipyards

Korean shipbuilding and offshore plant industry to get full support

  Yoon Sang-Jick, Minister of Trade, Industry, and Energy (MOTIE) of Korea, held a meeting to check pending issues faced by Korean shipbuilding and offshore plant industry at Seoul Palace Hotel recently. The meeting was intended to examine current status of overseas and home industry and


Konecranes Introduce SE Asia Remote Services

TRUECONNECT users: Photo courtesy of Konecranes

Leading crane service organisation Konecranes says it is introducing to the South-East Asia – Pacific region its most advanced family of remote service technologies, its TRUCONNECT Remote Services for enhanced safety, reliability and efficiency.


MHI's Revamped Showroom Opens at Shinagawa

Ms Square is a showroom for Mitsubishi Heavy Industries (MHI) Group

  On August 18 Mitsubishi Heavy Industries, Ltd. (MHI) opened its newly revamped M's Square showroom located on the second floor of the Shinagawa Head Office Building in Tokyo. The showroom layout has been reorganized into separate areas each introducing the technologies and products of one






 
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