Marine Link
Sunday, October 22, 2017

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

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

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]

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

Alpha Bank Securitize Shipping Loans

Logo: Alpha Bank

 Greece's Alpha Bank has successfully completed its second financing transaction of $250 million through shipping securitization with Citi, following the inaugural shipping securitization issuance of $500 million in 2014.  "Alpha Bank has successfully completed its second financing transaction of USD 250 million through shipping securitisation with Citi, following the inaugural shipping securitisation issuance of USD 500 million in 2014," said a press statement.  

AHTS Fleet Secures Long-Term Investment

Image: UOS

 Hartmann Group, the independent family-owned shipping company, announces the recapitalisation of an 11-strong fleet of Anchor Handling Tug Supply (AHTS) vessels through a partnership with, and long-term investment from, Breakwater Capital and Hayfin Capital Management.    Agreed with the financing banks on October 12 2017, the deal provides the fleet with immediate stability and the potential for growth.  

Ocean Rig Withdraws Winding Up Petition

Photo: Ocean Rig

 Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, has announced that pursuant to an order of the Grand Court of the Cayman Islands Simon Appell of AlixPartners Services UK LLP and Eleanor Fisher of Kalo (Cayman) (formerly AlixPartners) have been discharged as joint provisional liquidators of the Company and its subsidiaries.   The subsidiariesare Drill Rigs Holdings Inc. (DRH), Drillships Financing Holding Inc

First phase of DNV GL Led Offshore Cable and Pipeline Project completed

Photo: DNV GL

 The first phase of the DNV GL’s Joint Industry Project (JIP) which focuses on the development of a new design and certification standard for equipment for pipeline and cable offshore operations has been completed.   "The JIP, focussing on the development of a new design and certification standard for equipment for pipeline and cable offshore operations, aims to reduce uncertainty, cost, increase efficiency and safety throughout the lifecycle of the equipment

Maritime Professionals See the Future Coming Fast

NEXT GEN Presenters Collage Oct 2017 v6.jpg

Maritime professionals from all sectors operating sub IMO / sub 80 feet vessels are invited to participate in three one-day NEXT GENERATION Workshops. The dynamic program is being held at the Grand Harbour conference venue, overlooking the port of Southampton U.K., on October 24, 25 and 26, 2017.    The NEXT GEN Workshops each address aspects of operational safety for vessels, along with the safety and welfare of their crew and passengers

Industry Task Force Pushes for Decarbonization Urgency

Global Maritime Forum, Carbon War Room, the Carbon Pricing Leadership Coalition (CPLC), and University College London (UCL) has announced the launch of a Task Force on Decarbonizing Shipping. This industry-led initiative will develop tangible pathways for shipping’s decarbonization through five working groups, each focussed on a key area of the industry. Outcomes of the task force will be presented at the Global Maritime Forum’s inaugural summit in October 2018.

Royal IHC Buys Into Rotterdam Offshore Group

Photo: Royal IHC

 Royal IHC has announced its acquisition of 50% of the share capital of Rotterdam Offshore Group (ROG).    The agreement will enable IHC to strengthen its ship repair and conversion capabilities with the addition of a dedicated facility in Rotterdam, which has uninterrupted access to open sea.   Rotterdam Offshore Group has a strong reputation in the worldwide maritime and offshore industry for dockside and on-site services

SGMF, LNG MFI to Pomote LNG as Fuel

Photo: SGMF

The Society for Gas as a Marine Fuel (SGMF) signed a memorandum of understanding with Australia’s LNG MFI to jointly promote the use of liquefied natural gas as fuel.    SGMF is a non-governmental organisation (NGO) established since 2013 to promote safety and industry best practice in the use of gas as a marine fuel. Governed by a representative Board and driven by two principal Committees, SGMF has several working groups at any one time solving issues and producing outputs

Ernst Russ Acquires Ships Financed by ABN AMRO

Image: Ernst Russ AG

The Ernst Russ Group has successfully completed another transaction and acquired two container ships with capacities of 2,450 TEU and 2,785 TEU and an average age of just under 12 years.    Global Transportation & Logistics provided financing to Ernst Russ. Purchase price for the two container ships is undisclosed.   The transaction was structured and carried out by Ernst Russ Maritime Management GmbH & Co. KG as the maritime asset manager of the Ernst Russ Group

Diana Containerships to Sell Up to Seven Vessels

Diana Containerships Inc. (NASDAQ: DCIX), a shipping company specializing in the ownership of containerships, has announced that it has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to $104.0 million to an unaffiliated third party.   Separate Memoranda of Agreement will be signed for each vessel. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing

Foss Joins FEMA's Hurricane Relief Operations

(Photo: Foss Maritime Company)

Foss Maritime Company said it has contracted with the U.S. Department of Homeland Security's Federal Emergency Management Agency (FEMA) to support the relief and rebuilding efforts in Puerto Rico and the U.S. Virgin Islands following Hurricane Irma and Hurricane Maria.   Three accommodation vessels are being utilized and will serve as floating hotels, providing safe housing and warm meals for responders. With these vessels, Foss will be able to help feed and temporarily house 729 people

Harley Marine Hires Adlakha as CFO

(Photo: Harley Marine Services)

Harley Marine Services is pleased to welcome Sterling Adlakha to its executive team where he will assume the role of Chief Financial Officer.   A graduate of the U.S. Coast Guard Academy, Sterling served 10 years in the U.S. Coast Guard. He began his career as an engineer on a 210' cutter before moving to the West Coast and becoming a double-ended marine inspector and plank owner of the country's first Sea Marshal program following the 9/11 terrorist attacks

New Dredger Delivered to Saudi Arabia

Abdullah A. Natheer, Chairman of Murjan Al-Sharq Marine Services, with Chris Clark, Vice President, Murjan Al-Sharq Marine Services (Photo: Damen)

Damen Shipyards Group said it has delivered to Murjan Al-Sharq Marine Services a new Multi Cat 1908 fitted  with a Damen DOP Submersible Dredge Pump 250 for added shallow-water dredging capacity.   Murjan Al-Sharq Marine Services is based in Saudi Arabia. The company provides marine construction and maintenance, dredging, diving and subsea services. The company’s new vessel, called Murjan 40, has been equipped with a Damen DOP 250

Bureau Veritas Joins Maritime Drones Project

RECOMMS drone pilot training - navigating a wing ballast tank hopper compartment. (Image: Marine Technical Limits)

The potential for drones to be used for inspections is not new, notes Bureau Veritas, but to date trials have not focused on specific survey requirements for ship structures in enclosed spaces; the RECOMMS project will do just that.    Bureau Veritas has joined RECOMMS (Remote Evaluation of Coatings / Corrosion on Offshore Machinery and Marine Structures / Ships), a joint investment project (JIP), to develop drones with the capability to inspect steel structures in enclosed spaces

HII Technical Solutions Arm Awarded Navy Training Contract

Huntington Ingalls Industries (HII) said its Technical Solutions division was awarded a $25 million indefinite-delivery/indefinite-quantity, cost-plus-fixed-fee, multiple-award contract from the U.S. Navy to provide training services for tactical afloat shipboard, ashore and submarine command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) systems.   The three-year contract includes two one-year option periods, which, if exercised

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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