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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


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


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


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


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


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]


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


New Simulator Operators Training Course

Photo: eMaritime group

eMaritime group have written a new five-day Simulator Operators Training Course (SOTC) and will launch it with a free one-off session from June 19-23, 2017 at eMaritime Group HQ, Whiteley, Hampshire.   The SOTC course has been written to give those who wish to teach on a maritime simulator


Rapp Marine Deck Equipment Rounds out New Harley Barges

Photo: Rapp Marine

Rapp’s workboat market offerings span the full range of operator requirements. Their latest contract provides a turnkey package.   Long known for delivering innovative and custom deck machinery solutions to a wide range of marine stakeholders


Global Maritime Makes Two Hires in Asia Pacific

Mei Ling Chan (Photo: Global Maritime)

Global Maritime, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has made two important hires to support its Asia Pacific (APAC) operations.   Mei Ling Chan has been appointed as Regional Finance Manager for APAC where she will take


Sembcorp, Coldharbour Sign BWTS Deal

Coldharbour Inert Gas Generator (Photo: Coldharbour)

Coldharbour Marine, developer of an in-tank, in-voyage and inert gas-based ballast water treatment system for large tankers, bulkers and LNG vessels, has signed an agreement with Sembcorp Marine that will see the latter offer the Coldharbour GLD BWT as part of the Sembcorp Marine Green Technology


Norwegians to Finance Vessel Retrofits

Olav Einar Rygg, Export Credit Norway’s director of lending for the ocean industries (Photo: Export Credit Norway)

Following the International Maritime Organization (IMO) ratifications of the ballast water and exhaust gas treaties, government-owned Export Credit Norway offers financing to international vessel owners who purchase retrofit equipment from Norwegian suppliers.   


Keppel to Build Additional Dredgers for Jan De Nul

Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Codralux S.A., a wholly-owned subsidiary of Jan De Nul Group, to build two Trailing Suction Hopper Dredgers (TSHDs)


Gulf Bidders Emerge for UASC-linked Shipping Unit

File photo: UACC

Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said.  


Hapag-UASC Tie-up Nears Completion

Photo: Hapag-Lloyd

German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company


Harvey Gulf Grows Fleet, Inks Long-term Contracts

Image: Harvey Gulf

As vessel many vessel operators are stacking vessels and reducing fleet size, Harvey Gulf International Marine said it has signed four non-cancelable, long-term contracts for stacked vessels and has taken delivery of two new vessels, as well as redelivery of a vessel reconfigured for subsea


Hapag-Lloyd to Omit UASC in 2017 Financials

Photo: United Arab Shipping Company (UASC)

 The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016.   


Steel Cut for Hapag-Lloyd’s New Expedition Ship

(Photo: Hapag-Lloyd Cruises)

The first steel cut on May 9, 2017 at the VARD shipyard in Tulcea, Romania marks the official start of the construction of Hapag-Lloyd Cruises’ first of two new-build expedition ships.   In an official ceremony Karl J. Pojer, CEO of the luxury cruise operator


ABN AMRO Finances Celsius BWTS Installs

Pic: ABN AMRO

 ABN AMRO Transportation has concluded financing for the installation of ballast water treatment systems on several vessels for its Danish client, Celsius Shipping.   As per September 8, 2017, the IMO Ballast Water Treatment (BWT) Convention will enter into force


Maritime Professionals Ask the Hard Questions

MOB and RS & WBV Workshop Presenters Collage v1.jpg

More than 80 maritime professionals attended two unique one day events focused on the sub IMO / sub 24 meter sector in Southampton this April.    The fast moving and dynamic one day workshops brought together an international group of experts armed with the latest knowledge to identify


Havyard to Build World's Largest Live Fish Carrier

(Image: Havyard)

Sølvtrans orders the world’s largest live fish carrier from Havyard. The world’s largest shall, in addition, offer the best fish welfare in the world.   The live fish carrier, to be named Ronja Storm, will be 116 meters long with a breadth of 23 meters


Eimskip Gets Finance Deal for New Container Vessels

Photo: Eimskip

Eimskip has secured 80% financing of the contract price of the vessels with a 15 year tenor in Euros taken upon delivery.    The lender is the German bank KfW IPEX-Bank GmbH. The loan is secured by China Export & Credit Insurance Corporation (Sinosure).  






 
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