Marine link
 

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


Hofste, Montijn Nominated to Supervisory Board Fugro

  Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board at the Annual General Meeting of Shareholders (AGM) to be held on 30 April 2015.


Zamakona Refits Vessels VOS HERA & HADES

Vos Hera

  The Zamakona Yards in Pasajes has successfully finished the works carried o t in the vessels VOS HADES and VOS HERA that belong to the Company Vroon Offshore Services UK. The conversion required a major upgrade of the VOS H-Class to enable Rescue & Standby facilities for a Group B


Port of Indiana-Jeffersonville Sets Shipping Record

Grain, steel, salt help port exceed 2 million tons for first time in 29-year history   The Port of Indiana-Jeffersonville handled over 2.4 million tons of cargo in 2014, up 48 percent from the previous year. This was the first time annual shipments exceeded two million tons in the port's


Nordbank Eyes Bad Shipping Debt Deals

Image:  HSH Nordbank AG website

The world’s largest financier of ships HSH Nordbank AG wants to move forward in 2015 with the removal of bad shipping loans that racked up during a seven-year glut in the global container fleet, reports Bloomberg.   The bank plans several transactions in which external shipping


Ship Finance Sells Drillship to Seadrill

Ship Finance International Limited announced that Seadrill Limited has exercised a purchase option for an ultra-deepwater drilling unit.   Ship Finance acquired the West Polaris in 2008 and chartered it to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted


Seaonics Secures Equipment Package Contract

Photo courtesy of Vard

Vard Holdings Limited, through its specialized subsidiary Seaonics, has secured a large equipment contract for a vessel under construction at Fincantieri S.p.A.   Based in Ålesund, Norway, Seaonics designs and manufactures offshore handling equipment to improve all critical lift and


ACP Administrator to face Panamanian Assembly

Panama Canal Administrator Jorge Luis Quijano (souce: ACP)

National Assembly will question two national leaders, among them the Panama Canal Administrator. The plenary of the National Assembly has approved a proposal to call Panama Canal Administrator Jorge Luis Quijano before the body to answer questions about the waterway's finances and the progress


Cavotec Secures €11.5m in Port Equipment Orders

Cavotec MoorMaster MM200C (Container) automated mooring units at the Port of Salalah, Oman. (Photo courtesy of Cavotec)

Cavotec announced it has received orders for its port technologies in Australia, Indonesia, Oman, Portugal and Turkey, and for two major shipping lines, with a combined value of more than EUR 11.5 million.   Ottonel Popesco, Cavotec CEO, noted


Triyards Bags Liftboat Orders

  TRIYARDS Holdings Limited an offshore vessel fabrication and engineering solutions provider to the oil, gas (O&G) and marine industry, started the year on a promising note, armed with US$75.4 million in new liftboat orders. The latest liftboat contracts not only add to its orderbook


SCI’s New Chapter in Maritime Training

The Simulator at the Center for Maritime Education in Paducah, KY.

On December 10, 2014, SCI launched a major initiative to transform training for America’s inland mariners at its Center for Maritime Education in Paducah, KY.   The day before its 15th Annual River Bell Awards ceremony, the Seamen’s Church Institute (SCI) pushed the proverbial


SCI’s New Chapter in Maritime Training

Seamen’s Church Institute (SCI) launched an initiative on December 10, 2014 aiming to transform training for America’s inland mariners at its Center for Maritime Education in Paducah, KY.   The day before its 15th Annual River Bell Awards ceremony


Onex Buys Safety Fim Survitec

Onex buys Survitec from Warburg Pincus for 450 mln stg. Canadian private equity firm Onex has bought UK safety and survival equipment maker Survitec from Warburg Pincus for 450 million pounds ($679.7 million), Warburg Pincus said on Monday.


Bleavins Named CFO at Port of LA

Marla Bleavins (Photo: Port of Los Angeles)

The Port of Los Angeles has appointed Marla Bleavins as its Chief Financial Officer. Bleavins will oversee the port’s financial affairs, which include accounting, financial management, debt and treasury, risk management and audit functions


Japan Lends Kenya $270m to Help Expand Mombasa Port

Kenya signed a $270 million loan deal with Japan on Friday to help expand capacity at Mombasa port, a busy facility that is the main trade gateway to east Africa.   The port handles fuel, consumer goods and other imports for Uganda, Burundi, Rwanda, South Sudan


Crowley to Boost US Mainland-Puerto Rico Trade

Photo: Crowley

Crowley Maritime Corporation’s liner services group will add a 400 FEU capacity, flat deck barge to its South Atlantic Puerto Rico service in the first quarter, increasing the rotation between Jacksonville, Fla., and San Juan to four sailings each week






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright