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Citicapital News

29 Dec 2016

Energy, Finance & the GoM

© Scott Bufkin / Adobe Stock

Some positive market indicators could presage an investment revival in the U.S. Gulf of Mexico – and beyond. The good news, reported by Bloomberg, is that in the third quarter of 2016, the largest oil companies increased cash from operations by nearly $26 billion. This reflects a 67 percent increase from the previous quarter and more than twice the amount of the first quarter of 2016. Exxon Mobil, Royal Dutch Shell, Chevron, Total and BP indicated that the increase was due to lower spending, increased output and rising crude prices, although the numbers were still below last year’s numbers.

28 Jun 2010

What You & Your CFO Should Know

By Richard J. Paine, Sr.

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.

24 Aug 2009

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, 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).

16 Oct 2001

Rodriguez Building Twin-Screw Shrimpers

Rodriguez Shipyard in Bayou LaBatre, Ala. is enjoying a busy season with a twin-screw shrimper currently under construction for a late November delivery. The new boat, for owner Steve Nguyan, will be similar to the Lucky B delivered to Louisiana customer Ba Nguyan last August. At 98 by 26 by 12-ft., the boats, are each powered by a pair of Cummins 6-cylinder KTA19 M3 engines rated for 600 hp at 1800 RPM. turning into twin disc 5202 gears with 6.1:1 reductions. The twin engines provide plenty of power but the primary reasons for owners choosing twins is redundancy and close quarter maneuverability, explains Joe Rodriguez. A pair of Cummins…

04 Apr 2002

As Banks Step Down, Equipment Finance Companies Step Up

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.

10 Jul 2002

Austal Sells Second Vessel into NY Market

Austal USA has signed a contract with Cloud Nine of New York to construct a 135 ft. dinner cruise monohull. This is the second sale by Austal USA to the New York market this year and will further showcase the company’s ability to deliver a high quality, customised product. Austal’s Managing Director, Bob McKinnon said the sale of the new monohull is a strong indication of the immediate success of Austal USA in delivering vessels to the US domestic market. “We are very pleased to see that orders for Austal USA are progressing well,” McKinnon said. Cloud Nine specialise in offering private, luxury dinner cruises for social and corporate groups and have developed a large base of repeat customers.

04 Jan 2007

GE Capital Solutions Acquires CitiCapital’s Marine Finance Division

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.

04 Sep 2002

Cummins Power for Graham Gulf

It takes about ten and a half months to complete a 155-ft. supply boat at C&G Boatworks in Bayou LaBatre. So the boat that Janson Graham of Graham Gulf, had started this past July, should deliver some time next April or May. Sea trials for the new vessel will attract some attention, since it is a sister to boats delivered this past spring, but it will have different power. The earlier boats were powered by four 1575 HP engines for a total of 6300 HP. The new boat will be powered by four Cummins KTA38M2 engines each rated for 1350 HP at 1900 RPM for a total of 5400 HP. The owner expects the same 23-knot light and 20-knot loaded speed as the earlier boats as the Cummins engines are lighter in weight. The main engines will turn into ZF 4540 gears with 2.59:1 ratios.

27 Aug 2001

Cummins,CitiCapital Launch Alliance for Finance

Cummins Inc. and CitiCapital have reached an agreement to promote a co-sponsored marine finance program. Under the agreement customers who purchase Cummins engines for various commercial vessels will receive exclusive finance products provided by CitiCapital. This agreement demonstrates the cooperative efforts of both companies by bringing together the premier manufacturer of marine engines and the world's largest financial services conglomerate. The agreement will initially cover the U.S. "Financing solutions are critical with any marine projects, whether it's a new vessel or a major repower. Cummins Marine customers deserve the very best in products and services.