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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


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


Liebherr Cranes for Port Lafito

Photo: Port Lafito

  GB Group announced that Port Lafito welcomed the arrival of two new Liebherr LHM 420 mobile harbor cranes that are now fully operational. The cranes aim to boost efficiency and are the first of their kind in the Caribbean. The Liebherr cranes were selected by Port Lafito due to their


UK Seeks Maritime Dominance of Yore

S tidal turbine being transported to EMEC test site Image Rolls Royce WEB.jpg

“Britannia rules the waves” paid a glowing tribute to the maritime past of the United Kingdom.  Over the past three centuries as the sun began to set on the British power, resilient U.K. with its pioneering characteristics began its voyage of transformation to become a world-class


Crowley Acquires 4,300 Pieces of Liner Equipment

Photo: Crowley

In response to continuing high customer demand, Crowley Maritime Corporation’s liner services group has placed orders for additional equipment, including hundreds of new chassis and containers for use in the company’s U.S., Puerto Rico, Caribbean and Central America trade lanes.


FUGRO, Cross Group Awarded Multi Well GoM Contract

Photo courtesy of FUGRO

Fugro’s dynamically positioned multi-purpose drilling, well intervention and geotechnical vessel, Fugro Synergy, will showcase her capabilities on a multi well intervention campaign which recently started in the Gulf of Mexico. The campaign involves utilization of a top tensioned 6


Master Port Risk Program Launched by Fidelis Group

H. Elder Brown, Jr., President and Chief Executive Officer of FGH

Fidelis Group Holdings, LLC Launches Master Port Risk Program For The Maritime Industry.   Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service leader


Maritime Services Become More Globalized

Image: Menon Business Economics

 Shipping is the premise for international trade and has always been an international industry. A central driver for the global shift has been the operational and technological development of the shipping industry, which has lowered transportation costs dramatically


Singapore Tops as Leading Maritime Capital

Graph: Menon Publication

 Norwegian consulting firm Menon has named Singapore as the world's leading maritime city, according to a Menon Business Economics Group survey.   Singapore ranks first based on its business friendly policies, and strategic location on the trade route between Europe and Asia.  


Ship Finance Buys Three Boxships

Pic: Ship Finance International Limited

 Ship Finance International Limited has acquired three 9,000 teu capacity container ships that are under construction from an unrelated third party.   The Fredriksen-led company said that the three vessels are currently being constructed to a fuel-efficient design at an undisclosed yard


Hercules Offshore to Begin Restructuring

Image: Hercules Offshore Inc.

 The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan.   HERO says the agreement will convert $1


Kleven to Build 2 Stern Trawlers for DFFU

Image: Kleven

Kleven to build two stern trawlers for German company Deutsche Fischfang-Union (DFFU)   Kleven has signed a contract with DFFU, daughter company of Icelandic seafood company Samherji, for the construction of two stern trawlers of Rolls-Royce’ NVC 374 WP design


Clean Ocean Access Partners Newport Boat Show

  Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today that Clean Ocean Access is its Official Charitable Partner for the 45th Annual Newport International Boat Show. A 501(C)3non-profit organization


Rolls-Royce Wins Trawler Equipment Deal

Photo: Rolls-Royce

The shipbuilding company Kleven in Norway has announced a contract for two fishing stern trawlers to be designed and equipped by Rolls-Royce. The fishing vessels have been ordered by the German company DFFU, which is fully owned by the Icelandic seafood company Samherji


WFW Advises on MSC Cruise Ship Financing

Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships


Virgin Cruises to Sail Out of Miami in 2020

Richard Branson. Photo: Virgin

 Virgin Cruises will launch its first luxury liner in 2020 from Miami, British tycoon Richard Branson announced, placing his bets on medium-sized "boutique" ships.   The Virgin Group founder said he had signed a binding letter of intent with Italy's Fincantieri to build three


VARD Acquires ICD Software

Vard Holdings Limited (VARD) has announced that through its subsidiary Seaonics, it has acquired ICD Software, a leading provider of automation and control system software for the offshore and marine sectors. Established in 2011 and 51% controlled by VARD, Seaonics delivers winches






 
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