Financial Products News

COSCO Shipping Corporation said policy lender China Development Bank has pledged to provide it with 180 billion yuan ($26 billion) in financing in the years through 2021 to support the Chinese shipping giant's business development. Cosco Shipping said in a statement on its website late on Wednesday that the financing would be provided through various financial products. It did not provide details of how the financing would be used, but said the agreement was to serve China's "One Belt, One Road" strategy and efforts to deepen state-owned enterprise reform. Formed through the merger of China's two largest shipping companies in February, COSCO Shipping owns the world's fourth-largest container shipping fleet by capacity, run by its flagship listed unit, China COSCO Holdings .

The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million to $1 billion must address several important issues. First, what is the most efficient way to finance equipment to keep up with the robust demand? Is ownership of the vessel through a loan structure the best option, or would a lease make better use of working capital?

Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013. The increase in revenues was primarily due to a $36 million favorable impact from higher average earning assets. Profit before income taxes was $206 million for the second quarter of 2014, compared with $158 million for the second quarter of 2013. The increase was primarily due to the absence of a $23 million currency loss in the second quarter of 2013, a $17 million favorable impact from higher average earning assets and a $16 million improvement on net yield on average earning assets.

Terex Corporation (NYSE:TEX) will release its first quarter 2014 financial results on Wednesday, April 30, 2014 after market close. conference call to review the financial results on Thursday, May 1, 2014 at 8:30 a.m. EDT. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company’s website, www.terex.com. To listen to the call, select “Investor Relations” in the “About Terex” section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company’s website under “Audio Archives” in the “Investor Relations” section of the website.

The American Association of Port Authoritiesred (AAPA) informs that Fred. P. Hochberg, chairman and president of the U.S. Export-Import Bank, has agreed to serve as the luncheon presenter on Tuesday 25, March at its 2014 Spring Conference in Washington, D.C. Mr Hochberg's presentation will follow a number of other high profile speakers, including U.S. Sen. Barbara Boxer, chairman of the Senate Environment and Public Works Committee; U.S. Rep. Bill Shuster, chairman of the House Committee on Transportation and Infrastructure; Canadian Transport Minister Lisa Riatt; M. Gen. John W.

With 37,000 nautical miles of a unique corporate adventure under their belts, the corporate staff of De Lage Landen, a global provider of asset-based financial products, is about to set off on the final New York to Southampton, England leg of the Clipper Round the World Race. DLL staff members from U.S. headquarters in Wayne, and from offices in Duluth, Ga., and Des Moines, Iowa, will be in New York on the June 7 sailing date to honor the crew and cheer as they head across the Atlantic. The unique corporate adventure connects nearly 5,400 staff members worldwide.

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.

Friede Goldman Halter, Inc. (FGH) announced the appointment of Robert L. Champagne, CPA, as its Executive Vice President and CFO. Champagne has been employed with KPMG for 28 years, 18 of which he served as a partner in the firm. In addition to Mr. Champagne's appointment, Chuck DeCuir has been appointed Senior Vice President, Contracts, Legal Affairs and Risk Management, of Friede Goldman Halter, Inc. "Since becoming CEO, I have made it a major focus to strengthen the financial and Corporate Risk Management areas of the Company. Bobs 18 years of partnership experience, working with a number of publicly held companies, gives us solid financial leadership.

The partners of SSY announced the formation of SSY Capital LLC to serve global shipowners in the capital markets. The new unit will be led by Tom Kane, a leading American finance expert with particular expertise in international finance. SSY Capital will offer financial products tailored to its clients’ needs. Several products will be available to clients, including project and asset finance facilities, a variety of lease and debt financing structures, as well as non-traditional forms and capital sources. SSY recently celebrated its 125th anniversary. In the last 20 years, SSY has expanded its traditional broking expertise to include maritime consultancy and research, gas, chemicals, containers and freight derivatives.