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MARINE FINANCIAL ANNUAL (Serepca Q+A Cont. from pg. 51) three criteria used by CIT to deter- mine investor loan eligibility? SS: In addition to market condi- tions, among the important crite- ria used by CIT to determine loan eligibility include remarketability of assets, size of substance of the borrower, the borrower's profitabil- ity, leverage and cash flow cover- age of debt service, as well as the borrower's past performance in down cycles, and reputation in the market. Circle 260 on Reader Service Card Unparalled Craftsmanship Competitively Priced Since 1977 Washburn eiDoughty has built over 50% of its boats for repeat customers.Find out why. Call or write: /£r PO Box 296 J™ E. Booth bay, ME 04544 (207) 633-6517 SHIPBUILDERS • ARCHITECTS • ENGINEERS SEMCO M MARINE INC. — • Switchboards and Consoles • Electrical Installation - Worldwide • 24-hour Service At Sea or In Port • European Spare Parts and Cable on Stock • SEMCO Voyage Recorder & Masterclock • SEMSAFE Watermist Fire Fighting CONTACT US NEXTTIME YOU HAVE ELECTRICAL PROBLEMS OR NEED SPARE PARTS! Phone (954) 792-9666 Fax (954) 321-6517 3721 S.W. 47 Ave. - Ste. 309 • Ft. Lauderdale • FL 33314 - U.S.A. MR/EN: The offshore market is in the midst of a long-awaited boom, and the need for FPSO conver- sions, new offshore supply vessels, workboats and other exploration and production equipment seems to be on the rise. Have you made note of increased borrowing activi- ty in this area of operations? How long do you think it will be before loan activity in this area reaches the saturation point? SS: Regarding loan activity in the capital FPSO area, as these type of assets are specialized and not readily remarketable, lending will be based more on relationships and the credit ratings of prospective borrowers rather than the more traditional asset-based lending that takes place in other sectors of the maritime industry. Editor's Note: On October 19, The CIT Group Holdings Inc., a U.S. commercial and consumer lending organization owned 80 per- cent by The Dai-Ichi Kangyo Bank, Ltd. and 20 percent by The Chase Manhattan Corp., reported net income of $65.1 million for the third quarter ended Sept. 30, 1996 — an 11.3 percent increase from the $58.5 million reported for the third quarter of 1995. Net income for the nine months ended Sept. 30, 1996 was a record at $197.3 million, 17.6 percent higher than the $167.8 million of 1995. The improvements resulted from strong operating revenues includ- ing increased portfolio spreads, partially offset by increased oper- ating expenses. GL Classification Orderbook Bulges The biggest orderbook in its 129-year history was recently announced by Germanischer Lloyd (GL), the classification society charged with classifying 527 new vessels, totaling 5.54 million grt. Most of the vessels to be classed are large contain- erships, feeder containerships, chemical and liquid carriers and fast passenger and freight ferries. "Such extraordinary growth is a real challenge, and we have taken a number of steps to meet it," said Rainer Schoendube, a member of GL's executive board. "This includes moves to accelerate the approval and ships' plans, an expansion of our sur- veyor force and field staff, and the opening of new inspection offices." Producing Thrust r SCHOTTEL Your main benefits joining SCHOTTEL engineers: • Tailored system engineering • Project and installation assistance • Professional service worldwide For planning newbuildings or conversions we are the right partners, join us. SCHOTTEL-North America, Inc. 1505 Corbin Avenue, Hammond, LA 70403 Tel: (504) 5427174 • Fax: (504) 5425347 Headquarters: SCHOTTEL-Werft Josef Becker GmbH & Co. KG Mainzer Strasse 99, D-56322 Spay, Germany Tel: + 49 - 26 28 - 6 10 • Fax: + 49 - 26 28 - 6 13 00 iO^ SCHOTTEL means CONFIDENCE. We develop, design and manufacture steerable propulsion and manoeuvring systems with power ratings up to 6000 kW. ABS, BV, DNV and GL have certified our Quality Management System according to DIN EN ISO 9001. Your main benefits using SCHOTTEL products: • High performance • High reliability • High efficiency • High quality (and naturally a 24-month warranty) tffW-0^* • High durability » Circle 282 on Reader Service Card •Autodesk. Registered Application Developer AW, n , T . , 3080 Uplands Rd. Victoria, BC, Canada V8R 6B4 Albacore Research Ltd.Tei:(604)595-0576 Fax:<604>721 -3433 Ship CAM96 Fairine and Loftins Software for Shipbuilding CAD-Link Ship Structural Modeler J 32-bit Windows evolution of ShipCAM4 • Designed for Win 95, Win NT, and Win 3.1x / Developable and Compound Curvature plate J Frames with cutouts J New user interface uses resolution display / Trim, offset, and •/ Exchange • Shell NC-Pyros Pro NC code generation from a DXF drawing to NC code for any controller J Full structural modeling integrated in AutoCAD R13 J 3D modeling as easy as 2D / Team development support • Sophisticated 3D functions • For structure, piping, HVAC, etc...
