Ge Capital News

General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.

KVH Industries has  announced  that Brent Bruun, currently executive vice president of mobile broadband for the company, has been promoted to the newly created position of chief operating officer (COO). In this position, Bruun will assume direct responsibility for KVH’s corporate development, as well as operational responsibility for mobile communications products and services for maritime and land markets. His purview as COO covers the customer lifecycle from sales and manufacturing through customer onboarding and on into long-term services, support, and customer retention.

Hoofddorp, the Netherlands, 27 April, 2015 – CEVA Logistics, one of the world's leading supply chain companies, today announced the appointment of two senior executives with deep sector-specific operations expertise to further drive its customer-focused Contract Logistics strategy. In its Contract Logistics business line, CEVA has established an industry sector and solutions approach led by industry operations experts in Automotive, Industrial, Technology, Consumer and Retail, Healthcare and Energy. This team's role is to drive global standardization and innovation across all of CEVA's vertical sectors while helping its customers meet today's challenges in the marketplace.

The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million to $1 billion must address several important issues. First, what is the most efficient way to finance equipment to keep up with the robust demand? Is ownership of the vessel through a loan structure the best option, or would a lease make better use of working capital?

Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S. Bankruptcy Court in Manhattan. International shipping rates have fallen in recent years as large new vessels entered service at the same time that a sluggish global economy was curbing trade. Nautilus said it had some profitable charter contracts and believed it was well-positioned to restructure its obligations, but it filed for bankruptcy protection to bring creditors into a single forum for negotiations.

Louisiana Governor Bobby Jindal and International Shipholding Corp. President Erik L. Johnsen announced the company will relocate its corporate headquarters from Mobile, Ala., to New Orleans, where the business was founded in 1947. Listed on the New York Stock Exchange as ISH, the company owns and operates a global fleet of waterborne cargo vessels. ISH recorded annual revenue of more than $310 million in its just concluded 2013 fiscal year. After Hurricane Katrina, recovery challenges led the company to relocate its corporate headquarters to Mobile.

GE Capital, Corporate Finance has announced that it provided US$22.5-million in equipment financing to Laborde Marine. The funds refinance existing debt used to purchase five new crew boats. Founded in 1995 and headquartered in New Orleans, LA, Laborde Marine is a privately held supplier that provides marine support to the offshore oil and gas industry internationally. They operate more than 20 vessels in the U.S. Gulf of Mexico and have two international offices in Brazil. “GE Capital delivered the financing we need to fund the ongoing expansion of our fleet and customer base,” said Cliffe Laborde, managing member of Laborde Marine.

International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services. Mr. Niels M. International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

Ridgebury Tankers LLC announce a $200 million commitment from Riverstone Holdings LLC, alongside a $5.7 million commitment from Ridgebury management. The Connecticut-based Company will use the capital to acquire clean product carriers of all sizes and in the crude sector will focus primarily on Suezmax vessels. Ridgebury is led by its Founder and CEO, Bob Burke , who has been involved in the shipping industry for over 30 years in a variety of capacities. Mr. Burke's extensive executive shipping experience includes tanker operations, chartering activities for vessels, direct equity investments and financings, and the ownership and operational management of companies across several shipping sectors.

A recent forecast indicated a 2013 growth of 8% in the American boating industry. In light of an improving consumer outlook, more than half (51%) of marine industry survey participants said the best time to increase inventory levels is right now to be fully stocked for the spring selling season, according to results released by GE Capital, Commercial Distribution Finance (CDF). “Overall, our data indicate sales are improving, costs are down and earnings are up at the dealer level,” said Bruce Van Wagoner, president of CDF’s marine group, a leading provider of financing to marine dealers. When asked which trend will have the largest impact on the boating industry this year…

GE Capital Corporate Finance provided $16 million in equipment financing to the Dutra Group, Inc.  The funds refinance existing debt used to support the company’s marine fleet.  Headquartered in San Rafael, CA, the Dutra Group focuses on dredging and marine construction along the west coast, and produces and distributes aggregate materials to support construction projects primarily in northern California. www.gecapital.com

After eight years at the helm of Rickmers in the United States, Jerry Nagel has been appointed Chairman of the Board of Rickmers-Linie (America) Inc. In this position, he will continue to participate and contribute with his experience to the activities of Rickmers Group in North America. Nagel joined Rickmers in 2004 from Foster Wheeler Corp USA, where he had been the company's traffic manager. Nagel's former position as President & CEO of Rickmers-Linie (America) Inc has been assumed by Sean Carney, effective June 1, 2011. Carney joined the Rickmers-Linie team in Houston in December 2010 as Vice President and Chief Operating Officer (COO).

Richard J. Paine, Sr. is the President of Marine-Finance.Com, a maritime consulting firm specializing in the financing and leasing of commercial marine vessels and other equipment. He can be reached at [email protected] or 516-431-9285. That glimmer on the horizon that you see is the first indication of a return to some normalcy in the marine lending marketplace. But don’t confuse it with a full-fledged sunrise, it is far from that. It is merely a tease, a harbinger of things to come.

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, Pitch is a graduate of Seton Hall University with a Bachelor of Business Administration with a concentration in Finance. He is a past member of the American Waterway Operators (AWO), the Offshore Marine Services Association (OMSA) and an affiliate member of the Passenger Vessel Association (PVA).

Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this. One reason is that few lenders focus exclusively on marine finance and a result most lending institutions are not familiar enough with marine assets to feel comfortable financing them.

Trailer Bridge, Inc. announced the execution of an amendment to its financing agreement with GE Capital and the addition of four new members to the Company’s Board of Directors. The amendment with GE Capital waives past non-compliance with certain covenants and establishes new financial covenants that the Company is confident it will remain in compliance with. Trailer Bridge has a $15 million revolving credit facility, with actual draws determined by a borrowing base formula. At March 31, 2002, the amount outstanding under this facility was $4.7 million. The Company also has approximately $10.3 million outstanding under a term loan facility with GE Capital. The Company also announced that Peter S. Shaerf has joined the board and that Malcom P. McLean, Jr., Greggory B. Mendenhall and F.

Rodriquez Cantieri Navali SpA and GE Capital, a wholly owned subsidiary of the General Electric Group (GE), have entered into a partnership. Following several months of negotiations GE Capital underwrote an increase in the share capital of Rodriquez. GE Capital's shareholding in the Shipyard is in the range of 26 to 40 percent. The agreement was announced by Gianni Morace, managing director of Rodriquez, during the shareholder's meeting in Messina, Italy - whose objective is to form an IPO in the near future. In addition to GE Capital, the other principal shareholders in Rodriquez are M.R.S. Sviluppo Srl, Ustica Lines SpA and Comecam Srl - all of who participated in a management buyout of the yard in 1997.

Friede Goldman Halter, Inc. (FGH) announced the appointment of Robert L. Champagne, CPA, as its Executive Vice President and CFO. Champagne has been employed with KPMG for 28 years, 18 of which he served as a partner in the firm. In addition to Mr. Champagne's appointment, Chuck DeCuir has been appointed Senior Vice President, Contracts, Legal Affairs and Risk Management, of Friede Goldman Halter, Inc. "Since becoming CEO, I have made it a major focus to strengthen the financial and Corporate Risk Management areas of the Company. Bobs 18 years of partnership experience, working with a number of publicly held companies, gives us solid financial leadership.

Rand Logistics Inc. announced that it purchased the Manistee, a self-unloading bulk carrier, for $2.2 million. The Company previously leased the boat from a subsidiary of Sand Products Corporation, and financed the purchase through debt with its existing lender, GE Capital Corporation. Laurence Levy, Chairman and CEO of Rand Logistics, stated, “We are pleased to have completed this transaction, which will be accretive to earnings. The purchase of the Manistee eliminates $350,000 of annual lease expense, which would have grown to $500,000 after March 31, 2008. The annual interest expense on the $2.2 million of added borrowings will be significantly less than the alternative of continuing to lease the vessel. Additionally, we were also able to reduce the interest rate for our overall U.S.

GE Capital Solutions said it has acquired CitiCapital's Marine Finance division, an Irving, Texas unit of Citigroup. CitiCapital Marine finances and leases commercial workboats and passenger vessels in U.S. and Canadian waters and the Gulf of Mexico. The acquisition, which closed last week, will add approximately $250 million in assets to GE Capital Solutions’ marine portfolio. Terms of the agreement were not disclosed. Joseph Pitch, senior vice president, CitiCapital Marine Finance, will join GE as part of the Marine industry team. GE Capital Solutions finances such vessels as tugs and barges, car and passenger ferries, pilot boats, offshore supply vessels/anchor handlers and dredges and derrick cranes.

When Iridium, the $5 billion satellite company, fell into bankruptcy on March 18, 2000, it went down as one of the costliest corporate fiascoes of all time. More than one year later, Iridium is back in business, though under completely new ownership. Iridium raised a few eyebrows and a fair share of skeptics with its decision to launch its global satellite communications services. How could the new company prosper when the previous one — using the same technology had failed? Enter Gino Picasso, the company's CEO. Up front and honest, Picasso says that the new Iridium is no pipe dream. Speaking via telephone from a restaurant near Iridium's Tempe, Ariz. offices, Picasso shared his visions and ideas with MR/EN regarding the future of the new company.

Moody's Investors Service assigned a Ba3 rating to Sea Containers Ltd.'s new $150 million senior notes, confirmed the Ba3 rating on its existing senior notes and also confirmed the B1 rating on its senior subordinated notes, and the "b1" on its cumulative and convertible cumulative preferred shares. The Ba3 senior implied rating was also confirmed. The new issue will be used primarily to repay debt incurred in the purchase of 50% of Neptun Maritime (approximately $105 million) and for general corporate purpose. The outlook is stable. The ratings continue to reflect the company's high leverage, substantial fixed charges, competitive pressures and the cyclical nature of the company's major businesses…