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
Lloyd's Register (LR) has appointed Robert Biddle as group financial director, effective November 1. Biddle succeeds Christopher Gomm, who recently retired and will become a member of LR's board at the General Committee meeting in December. Biddle previously served as finance director of Eurotherm Plc, the industrial electronics group, for 10 years.
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]
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
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
First Ship Lease Ltd., a commercial finance company focused on diverse shipping assets, today announced the successful completion of a $100 million mezzanine financing facility. The mezzanine facility, combined with previous equity financing and senior debt to be raised on a transactional basis, allows First Ship Lease to provide in excess of $500 million in operating and finance leases to shipping and industrial companies that meet its credit criteria.
After presenting the Expansion Program at key financial centers around the world, the Panama Canal Authority (ACP) hosted a two-day workshop on the waterway's expansion financing in Panama this week. Amid a packed room at the ACP training center, some of the best known global multilateral development banks attended a workshop, held December 11-12, to gain more insight on the project and the ACP's desire to finance a portion of expansion.
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
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
Greece's Paragon Shipping Inc. obtains a $69-million credit facility with China Development Bank to partially finance its two 4,800 TEU containerships currently under construction. The two container ships on order are expected to be delivered in the second quarter of 2014
BMT Group Ltd (BMT), the international design, engineering and risk management consultancy, has announced another strong financial performance for the year to September 30, 2012. By focusing on markets where it can deliver high-value customer solutions
A custom-built service center at the new Offshore Marine Center in the Tuas industrial area of Singapore will boost Acteon operations and improve its customer service in Southeast Asia. Due to open in July 2013, the new $11 million, 10,000-m2 Acteon Singapore Operations Center will support the
Crowley Maritime Corporation’s liner services group is adding more than 3,000 pieces of cargo handling equipment to its diverse fleet. The additional resources will allow the company to better meet increasing customer demand throughout Puerto Rico
Thome Group announced the appointment of Allinger Lim Eng Oon as Senior Manager, Operations Finance. Ms. Lim is based in Singapore and is responsible for all aspects of finance, controlling and accounting for vessels under management within the ship management and offshore management segments
More than 50,000 older diesel powered engines were upgraded or replaced between 2008 to 2010 because of Diesel Emission Reduction Act (DERA) funding which resulted in major clean air benefits and fuel savings, according a new report issued today - the “Second Report to Congress: Highlights
As part of the Obama administration’s ongoing efforts to strengthen the oil and gas industry’s ability to respond in the event of a deepwater blowout and ensure that offshore oil and gas production can continue to expand safely and responsibly
International law firm Wikborg Rein has appointed two new partners to its shipping and offshore team. Birgitte Karlsen becomes a partner in the firm’s London office, which she joined in 2011 after two years working as in-house counsel for offshore oil and gas technology specialist Aker
Sonardyne International Ltd. appointed Dr. Ralph Rayner as its new Non-Executive Chairman. Ralph is currently a Non-Executive Director of the company and will succeed outgoing Chairman Barry Clutton. Previously Finance Director and then Managing Director prior to his appointment as Chairman in 2009
Registration is open for the 10th Annual Marine Money Istanbul Ship Forum on May 22, 2013 at the Swissotel - The Bosphorus. Meet with shipping professionals to hear about how to position your business in these challenging times. The latest issues in Turkish shipping and ship finance will be
The Department of the Interior’s Bureau of Safety & Environmental Enforcement (BSEE), Noble Energy, Inc. and the Helix Well Containment Group (HWCG) participated in the exercise. A full-scale deployment of critical well control equipment was employed to assess Noble
A finance lawyer with a focus in the transportation industry, Brian P. Devine, joins the New York office of Fulbright & Jaworski L.L.P as partner. “Brian’s experience in shipping will increase the capabilities of our maritime practice,” said Thomas W
Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced has the award of a contract to supply key modularized components for a major refinery project in Venezuela. The project, known as the Venezuela Puerto La Cruz Refinery Deep Conversion Project
Wilhelmsen Ships Service (WSS) appointed Romaine Romanet as new General Manager for Belgium. Ms. Romanet brings many years’ experience from a number of multinational businesses in the areas of operation, finance, business development, change project management and people development.
The Board of Directors of the company elected Ian C. Strachan to serve as Chairman of the Board effective May 18, 2013. Mr. Strachan replaces J. Michael Talbert who was not re-elected at the company's annual general meeting held on May 17, 2013.