CIT Equipment Finance

Each year, the U.S. Department of Commerce receives thousands of inquiries from businesses looking to export, many of which involve licensing questions. The Commerce Department’s Bureau of Industry and Security (BIS), together with other USG agencies, is responsible for export licensing and controls. BIS export licenses may be required for items (commodities, software, or technology) with proliferation, military, or terrorist uses, or which warrant control for other reasons. Export licensing requirements can apply to a wide array of products, including marine technologies. A license may also be required because of the end use or end user.

South Korean shipowner Hyundai LNG Shipping (HLS) has placed an order for the construction of one very large gas carrier (VLGC) at compatriot shipyard Hyundai Heavy Industries (HHI).The South Korean owner of 10 LNG Carriers said in a press release that the 84,600 cbm gas carrier is scheduled for delivery in Q3 2020 for the employment of seven year (+ option) time charter with a global energy company.KyuBong Lee, CEO of HLS, said “We are very grateful to build meaningful relationship with a respectable charterer through long-term contract and to build the ship at the world best shipping yard.

The latest lifeboat to join the fleet of the Royal National Lifeboat Institution, the main sea rescue service in the UK and Ireland, is the waterjet-propelled Shannon class, which the organization says is its most agile and maneuverable all-weather lifeboat yet to be deployed. Designed entirely in-house by RNLI engineers, cutting-edge technology has been used in this new boat to meet modern-day rescue service demands following the lead taken with the RNLI’s introduction of the Shannon’s sister lifeboat class, the Tamar, in 2005.In 2013, the Royal National Lifeboat Institution introduced the Shannon class lifeboat to meet the modern-day demands facing a sea rescue service.

The guided-missile destroyer USS Fitzgerald launched from dry dock and is moored pier-side in Mississippi, a step closer to being fully repaired after a 2017 collision that left seven sailors dead, the Navy said.The U.S. Naval Sea Systems Command says the USS Fitzgerald launched out of a dry dock Tuesday at Ingalls Shipbuilding in Pascagoula, Mississippi. The Fitzgerald moored alongside a pier for work that Rear Adm. Jim Downey says will now include testing and outfitting.The ship arrived in Pascagoula on board a heavy lift ship on January 19, 2018, after sustaining extensive damage in a collision with the containership ACX Crystal on June 17, 2017.

The Dubai-based Tristar Group announced that it has signed firm contracts for six new build 25,000 MT DWT, IMO Type 2 Oil and Chemical Tankers with South Korea shipbuilder, Hyundai Mipo Dockyard.The vessels will be delivered between the middle of May 2020 till the first week of January 2021, said a press release from the fully integrated liquid logistics solutions provider.The vessels have been ordered on the back of long-term charter contracts with oil major Shell.“Our business model will continue to be built around the needs of customers and we are confident that if we continue to offer best in class services at competitive pricing there will be immense opportunity to leverage the brand