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Richard Paine News

25 Oct 2021

MN100: The Hornblower Group

(Photo: The Hornblower Group)

The Hornblower Group is currently in a period of major expansion, now with operations in 111 countries. Hornblower operates a fleet of about 200 vessels in three of those countries, through brands such as NYC Ferry, American Queen Steamboat Company, Alcatraz City Cruises and others. Its vessel operations range from overnight cruise ships, traditional small passenger vessels, high-speed ferries, water taxis, excursion vessels, high-thrill jet boats and even vessels for military contracts.When the COVID-19 pandemic hit…

21 Nov 2019

SAFETY: Dollars & Sense

Credit: AdobeStock / Seafarer81

Make a Profit with a Safety Management System (SMS).Organizations in the maritime industry act no differently than any other successful global business unit. Major decisions are made with a certain underlying commitment – a commitment to customers, stakeholders and employees. That commitment can be oversimplified by stating the obvious, to generate revenue, but more specifically generate profits. Without profits, the company will not only fail to thrive, but will fail to survive.

21 Jan 2019

Safety Management Systems: A Good fit for Passenger Vessels?

The evidence and industry subject matter experts both say ‘yes.’In its recently released SAFER SEAS DIGEST, Lessons Learned from Marine Accident Investigations (2017), the National Transportation Safety Board (NTSB) reports investigating numerous accidents across all modes of transportation where a properly implemented safety management system (SMS) could have prevented injuries, loss of life, or material damage. That document spans analysis of casualties across the full spectrum of all manners of marine craft, blue water and brown, foreign and domestic.Different authorities and subject matter experts (SME) differ on how they might explain a SMS, but it all adds up to one thing. But, what is a Safety Management System?

11 Apr 2017

SUNY Maritime to Train NYC’s Next Ferry Captains

Photo: SUNY Maritime College

NYC Ferry operated by Hornblower is teaming up with the oldest merchant marine academy in the country to deliver a world class training program before a majority of the new NYC Ferry vessels even arrive in New York Harbor. SUNY Maritime College was founded in 1874 as the New York Nautical School, the first school in the nation devoted to training merchant mariners. As part of this new collaboration between NYC Ferry and SUNY Maritime, future captains and crew will have access to SUNY Maritime’s top notch classroom facilities and experienced maritime faculty.

26 Nov 2012

Appreciating Depreciation

Richard Paine explains why depreciation is a very specialized section of the tax laws, especially when it comes to your fleet assets. The Great Lakes Towing tug “North Dakota” was built as the “John M. Truby” in 1910 at a cost of $18,576.23. After 102 years, she still plies the waters of the Great Lakes daily, working hard and reliably for her owner. A recent survey valued her at over $500,000.00. Eventually, everything ages and wears out. You do, your car does, and so do your copier and computer. As they travel through their useful life and wear out, their value diminishes. When you drive off in your new car, fresh off the dealer’s lot, you can, to paraphrase Ross Perot, hear the sucking sound of a couple of thousand dollar bills flying out the window.

08 Dec 2010

Get Ready for Changes in Lease Reporting

Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB. The most recent FASB statement regarding lease accounting was made in 1976 and is known as FAS 13. FAS 13 as we know it is undergoing major change.

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).

08 Jan 2009

New Consulting Group, Marine-Finance.com

A consortium of commercial marine finance and leasing veterans announced today the launch of Marine-Finance.Com, LLC, a consulting group formed to educate and match lenders, investors and lessors with qualified marine borrowers and lessees. "We see the commercial marine lending and leasing market as one of the most stable segments in this highly troubled economy," said Richard Paine, senior vice president and general manager. Demand for services in the sector remains sound, and the balance sheets of most operators continue to look healthy. Tugs, barges and other commercial vessels have maintained if not increased their value. We educate lenders, lessors, institutional and individual investors about opportunities the commercial marine industry can provide.

08 May 2008

Uncle Sam Unveils Two New Economic Incentives

Two significant new financial management tools were recently unveiled by the Federal government in one highly visible piece of legislation, and each can significantly change the way that you do business. Both have the promise to stimulate business growth while adding to a company’s bottom line. Each has both friends and foes in the commercial marine industry. The Economic Stimulus Act of 2008 was signed into law on February 13, 2008. It provides, among other economic stimuli…