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
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
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
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
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
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
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
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]
Clarkson Capital Markets, the investment banking arm of shipping services group Clarkson PLC, says it has enhanced its equity research coverage with the appointment of Omar Nokta as Managing Director of Shipping Research. Omar will be based in CCM's New York office.
Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers. “Easy and attractive financing makes the sale for many boaters,” said Randy Caruana
Seaspan Corporation announced today that it has entered into an agreement with Greater China Intermodal Investments LLC and Blue Water Commerce, LLC to extend the term of their Right of First Refusal Agreement by one year to March 31, 2016
New asset expands and diversifies fleet offerings, enhancing the group’s value proposition to oil and gas majors as a comprehensive marine services provider; liftboatoat to be deployed within two years, enabling the group to tap into rising demand for liftboat services in Southeast Asia
Mill Log Equipment Company DBA Twin Disc Mid-Atlantic informs it has hired Ricky White as the Territory Manager for the southern Mid-Atlantic States to include the state of North Carolina (less the Outer Banks), and South Carolina. Ricky will operate out of the full service Rock Hill
Sea Trucks Group Limited, an international oil and gas marine contractor with a track record in the key oil and gas producing regions, particularly West Africa, announced a $130 million facility to finance the completion of Jascon 18 has been signed.
4433 27th Avenue West Seattle, Washington 98199 Telephone: 206 286 8162 E-mail: firstname.lastname@example.org Web: www.rappmarine.com President: Johann Sigurjonsson Number of employees: 500 The Company: The group’s business in the United States is organized under the parent company
Oceanteam Shipping ASA says that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel, and as a result a partnership with Pacific Radiance Ltd., subject to certain conditions subsequent, has been established.
The Ferguson Group announces that it has been acquired by Brambles Limited for an enterprise value of £320 million. Brambles Limited is a supply-chain logistics company operating in more than 50 countries, primarily through the CHEP and IFCO brands
Eastern Shipbuilding Group, Inc. informs that it has delivered the towboat MV Kimberly Hidalgo to Florida Marine, and on the same day launched the Platform Support Vessel (PSV) MV Bravante lX for Boldini S.A., Bravante Group of Brazil. 1. Delivery of MV Kimberly Hidalgo
The U.S. Coast Guard and Washington State Department of Ecology continue to oversee the cleanup and investigate the cause of an oil spill that appeared earlier this week in the Ballard Mill Marina, on Salmon Bay, along the Lake Washington Ship Canal.
France's Norbert Dentressangle says it has completed the previously announced acquisition of all the shares of privately held U.S. third party logistics (3PL) provider, Jacobson Companies from Oak Hill Capital Partners. The transaction was valued at $750 million (€560 million) in cash on
The launch of the Bravante IX, built in a U.S. shipyard, was from the investments made by the Maritime Administration (MARAD) just three years ago. The investment in and upgrading of the infrastructure can be an economic game changer
India will sell part of the government's stake in some state-run companies in the next two to three months, Finance Secretary Arvind Mayaram said on Saturday, without naming any company. The government has set a target of $10.5 billion from asset sales during the current fiscal year to
Royal IHC (IHC) is constructing the first vessel in its range of competitively priced standard trailing suction hopper dredgers (TSHD). It has started to build the Easydredge 2700 for stock in response to the increasing global demand for TSHDs with an extremely short delivery time.