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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


Royal Caribbean Orders 3 Ships from STX

STX France signed three ship order. Photo STX

Following the delivery of Harmony of the Seas on May 12 in Saint-Nazaire, the American group Royal Caribbean Cruises Ltd. signed an order for three additional vessels, one for its brand Royal Caribbean International (RCI ) and two brand Celebrity Cruises


Tissot Appointed VP & CFO, Bureau Veritas

Nicolas Tissot, 49, has been the Group Chief Operating Officer and a member of the Executive Committee  Photo BV

Bureau Veritas announces the appointment of Nicolas Tissot as Executive Vice-President and Chief Financial Officer. He replaces Sami Badarani, who has decided to leave the company to pursue new professional opportunities. Nicolas Tissot has solid management and finance experience gained in key


Prosafe Appoints Interim Chairman of the Board

Glen Rødland (Photo: Prosafe)

Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down from his position as Chairman and Director of the Board “for work load reasons”.


Konecranes-Terex Deal to Proceed as Zoomlion Drops Rival Bid

Photo: Terex Corp

China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp , clearing the way for a smaller deal between Terex and Finland's Konecranes.   The decision comes after six months of merger talks between Terex and Zoomlion


Star Software Implemented Aboard Universal Marine Bulkers

Photo: MirTac

Container and bulk shipping company Universal Marine and MirTac, a provider of fleet management solutions, have implemented Star Fleet Management software onboard the new bulk carriers mv Pride and mv Star II. Recently, a joint venture between Universal Shipping & Trading (part of the


Ship Finance Sells VLCC for $24 Mln

Ship Finance International Limited announced that it has agreed to sell the 1998 built VLCC Front Vanguard to an unrelated third party.   Ship Finance has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline


Kim Heng Offshore Inks Pact with Iran Marine

Image: Kim Heng Offshore & Marine

 The Singapore-based  offshore services provider Kim Heng Offshore & Marine has signed a memorandum of understanding with the Iran Marine Fund (IMF)to provide its technical expertise and financing to Iranian offshore marine and oil & gas projects.  


Front Vanguard Contract Terminated

VLCC Front Vanguard Photo Ship Finance

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party


Seaspan Secures $540 Mi Financing

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Issues $140 Million of 6.95% Series F Cumulative Convertible Perpetual Preferred Shares, Renews $150 Million Unsecured Revolving Loan and Enters into $250 Million Lease Financing HONG KONG, CHINA--(Marketwired - May 18, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced


HCI Group Takes Over 13 Feeder Containerships

Courtesy HCI Capital

The HCI Group and two other investors have taken over a total of thirteen ships from the loan portfolio of HSH Nordbank. The HCI Group structured the portfolio acquisition and is investing a substantial amount itself. The portfolio consists of thirteen feeder ships of between 800 and 1,800 TEU


Russian Shipbuilder Wins $1 bln Iran Oil Rig Deal

Russian shipbuilder Krasnye Barrikady has been awarded a near-$1 billion contract by Iran to build five offshore drilling rigs for use on Iran's part of the Gulf shelf, a company official told Reuters. The project, which was under discussion for almost two years


UASC Completes Award Winning Finance Deal

Photo courtesy of UASC

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation


Maritime Consolidation: Palfinger Aims to Acquire Harding

Palfingers potential acquisition of Harding will help it be less dependent on the whims of the offshore energy markets. (Photo: Palfinger Marine)

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire 100% of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group


Nordic Shipholding Profits below Market Expectations

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For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.  The average daily TCE rate earned by the vessels in the Handytankers Pool was below the forecasted daily rate


Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record as too many ships chase shrinking business.   A shortage of financing - estimated at $30 billion and caused in part by banks






 
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