Cit News

CIT, a division of First Citizens Bank, announced that its Maritime Finance business has recently increased its financing of shipping and logistics company Crowley to a total of $57 million as part of a larger credit facility. This financing applies to multiple Crowley vessels. "Crowley has a heritage of reliable shipping of more than 130 years, and this financing will help continue that safe and reliable service with a focus on innovation," said Vice President and Treasurer Steve Himes of Crowley.

Alternatives to fossil fuels are emerging throughout the maritime universe, and vessels working in U.S. rivers, waterways and harbors are at the cusp on this trend. While the alternative fuels spectrum is wide, battery power and electrification—a technology that has seen a decade of shipboard applications already—is particularly suited for smaller vessels.Crowley Maritime Corp will be taking delivery of a completely electric tugboat, dubbed eWolf; the boat- which will include kit for advanced vessel control tied to an electric propulsion system from ABB…

Container ship opertor MPC Container Ships has entered into a $70 million three-year revolving credit facility agreement with CIT Group. The company said the loan had attractive terms.MPC Container Ships,  registered in Oslo, Norway, said it had already made an initial drawdown of $40 million to refinance existing debt, and the rest would be used for vessel upgrades and other general purposes."As a consequence, the previous term loans with Beal Bank and CIT have been repaid in full. Further drawdowns under the facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes," MPC Container Ships said.MPC Container Ships CEO Constantin Baack said: "Having secured significant charter backlog…

A group of Swedish technology entrepreneurs and academics joined forces to accelerate the research and development of an AI-based, semi-autonomous system for planning and executing more energy efficient sea voyages.Leading the effort is Lean Marine, aiming to deliver a ground-breaking R&D project to accelerate the tech development, realization, and adoption of AI-powered ship operation support technology by ship crew and management. The Via Kaizen project is funded by the Swedish Transport Administration…

Global Ship Lease (GSL), UK-based holding company and containership charter owner, has now settled a five-year refinancing of its debt.According to the container ship owner, the new syndicated $268m credit facility is signed with a number of commercial lenders including Credit Agricole Corporate and Investment Bank, ABN AMRO Bank, CIT Bank, Hellenic Bank and Siemens Financial Services.GSL expects to draw down the first tranche of the New Senior Loan, in full, of $230 million shortly and will use the proceeds to refinance five existing senior credit facilities with maturities in December 2020 and April 2021, thereby reducing its cost of debt…

Bank syndicate led by DVB Bank SE completed a $175 million financing of a 34 Bulk Carrier portfolio for Polsteam Group.Polska Żegluga Morska known as Polsteam or PŻM, is a cargo ship operator based in Szczecin, Poland. It has one of the largest route networks in the world, offering services to around 60 countries.The syndicate consisted of DVB Bank, CIT Group, Société Générale, BNP Paribas, Siemens Bank, Crédit Agricole Corporate & Investment Bank and Crédit Agricole Bank Polsk.No further details on the transaction have been revealed.DVB Bank SE, headquartered in Frankfurt/Main, Germany, specialises on the international Transport Finance business.

Norwegian shipowner MPC Container Ships, which provides feeder tonnage, has entered into a USD 40 million three-year revolving credit facility agreement.The deal was signed with New York-based CIT Group at “attractive terms”, MPC Container Ships said.Drawdowns under the facility may be used toward investments, vessel upgrades or general corporate purposes, it said.Constantin Baack, CEO of MPC Container Ships, said: "We are very satisfied with the cooperation demonstrated by CIT's Maritime Finance team and their support in further positioning MPC Container Ships as a leading tonnage provider within the feeder container space."Constantin added: "With the new credit facility…

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), launched the fourth Littoral Mission Vessel (LMV), Justice, designed and built for the Republic of Singapore Navy (RSN). The ceremony was officiated by Dr. Mohamad Maliki Bin Osman, Senior Minister of State (Ministry of Defence and Ministry of Foreign Affairs), who took on the role as the lady sponsor in accordance with naval traditions to name and launch the vessel at ST Marine’s Benoi Yard.

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), successfully launched the third Littoral Mission Vessel (LMV), Unity, designed and built for the Republic of Singapore Navy (RSN). The ceremony was officiated by Mr Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State for Defence. Mrs Diana Ong, spouse of Mr Ong, took on the role as the lady sponsor in accordance with naval traditions to name and launch the vessel at ST Marine’s Benoi Yard. The event was witnessed by many senior officials from Ministry of Defence (MINDEF) and the Singapore Armed Forces.

Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has agreed to sell 51% stake of Keppel Merlimau Cogen Pte Ltd (KMC), which owns Keppel Merlimau Cogen Plant to Keppel Infrastructure Trust (KIT or the Trust) for a cash consideration of $510 million (KMC Transaction). The agreement was signed with Keppel  Infrastructure Fund Management Pte Ltd (KIFM), in its capacity as trustee-manager of KIT. Located on Jurong Island, Singapore, Keppel Merlimau Cogen Plant is a 1,300 MW combined cycle gas turbine power generation facility and is the first asset proposed to be injected into the Trust under the expanded "Right-of-First-Refusal" (ROFR) deed between KI and KIFM.

CITIC Maritime Finance says it has provided a $46.4 million senior secured credit facility to Epic Gas Ltd. headquartered in Singapore, which operates a fleet of  40 LPG and petrochemicals tankships. CITIC add that the facility was used to partially finance the acquisition of a fleet of five LPG tankers that includes three newbuildings and two modern gas carriers acquired in the secondary market. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

CIT Maritime Finance has entered into a Cooperation Agreement with RS Platou Finans AS that will help them expand into the leasing market. CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. “Through this agreement CIT Maritime Finance will have access to the RS Platou Group network of services, which will help us to further build a high quality portfolio of maritime assets,” said C. Jeffrey Knittel, President, CIT Transportation Finance. RS Platou Finans AS was established 2004 as part of the RS Platou Group.

CIT Maritime Finance has provided a $83.7 million senior secured credit facility to PST Tankers LLC, to finance the acquisition of a fleet of 8 product tankers managed by Product Shipping & Trading S.A., a company controlled by Pappas family interests. The fleet includes two Handysize (MRs) and six Long Range (LR1s) tankers originally belonging to Omega Navigation. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed. “This transaction represents our first financing of a fleet of modern product tankers acquired in the secondary market,” said Svein Engh , Managing Director and Group Head of CIT Maritime Finance.

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.

The forecasts and business strategies of carriers and manufacturers of transport-oriented capital goods indicate the industry is bracing for an era of higher energy prices and increased regulations, according to 'Transportation Outlook', a study conducted by Forbes Insights on behalf of CIT Transportation Finance. “This study highlights the fact that transportation executives are preparing for a future of uncertainty, both in terms of fuel prices and regulations,” said Jeff Knittel , President of CIT Transportation Finance . Fuel prices and rising energy costs are impacting the global economy: More than eight out of 10 (81%) executives say uncertainty surrounding energy policies is hampering global economic recovery.

CIT Group Inc has provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management, to support the purchase of 'MT Pike' (formerly the 'M/T Starling'), a 73,700 DWT LR1 product tanker built in 2008. The financiers say that the vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.

CIT provides $61.8-million financing to Alterna Capital Partners’ Portfolio Company to acquire three ‘ECO-Design’ product tankers. CIT Maritime Finance provided a $61.8 million senior secured credit facility to a portfolio company of Alterna Capital Partners, a private equity firm based in Wilton, CT, to finance the acquisition of three 50,000 DWT ECO-design Medium Range (MR) IMO II/III product/chemical tankers from STX Offshore & Shipbuilding Co., Ltd. The tankers are owned by Sterling Ocean Shipping…

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 hardware and software integration.

The new company, CIT Maritime Finance will originate & underwrite blue water vessel financing & its managing director is Svein Engh. CIT Maritime Finance will offer senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. It will offer financing solutions that will help add value and drive business for customers. “The…

An advanced ‘smart technology’ marine robot designed and built by University of Limerick researchers was recently deployed to explore wrecks of The Aud and WW1 U-Boat, UC42 outside Cork Harbour. The Aud was scuttled by its crew while under Royal Navy escort to Cork Harbour after it was prevented from landing guns in 1916 and the UC42 sank in 1917 while laying mines. With the help of the Irish Naval Service, the UL Marine Robotics team deployed the advanced Smart Remotely Operated Vehicle called ROV Latis which has patented technology features…

It is likely that Somali pirates will soon raise the level of lethal violence with the result that there will be “small wars” on the open sea, according to security expert Casey Christie. “Pirates will kill more people, including hostages and security officers” he warned. Christie, who is the managing director of Concept Tactical Worldwide, based in London, says this lethal escalation is a logical development of the way in which the pirate scourge is currently being handled by the international community. “For a long time the shipping lines were very reluctant to place armed men aboard their vessels for fear of an arms escalation race between the private security firms and the Somali pirates.

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.

GAC, provider of shipping, logistics and marine services, announced the launch of GAC Training & Service Solutions Limited (GTSS), a new initiative that will provide training solutions for the LNG and tanker markets, as well as other commodity and maritime sectors. A joint venture between GAC and the National Maritime College of Ireland (NMCI), the partnership will provide expert delivery of a portfolio of training courses for both seafarers and shore-based shipping personnel.