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www.marinelink.com MN25you?ll pay, the terms, amortizations and advances you?ll get are better now than ever. In the high end mar- ketplace (few lenders will consider a credit rating lower than a BB) rates have generally ranged in 150 to 300 bps over a given index (usually Swaps or T-Bills.) Terms and amortizations have usually maxed out at about ten to twelve years each. Advances are as high as 100% for completed vessels and typically in the 60-75% range.Construction phase financing does remain somewhat elusive. But new and used tugs, pushboats, barges andcertain OSV classes are being financed. Unfortunately the finance market for dinner and excursion boats remains soft. This year, and after an effective hia- tus over last few years, MARAD has approved three Title XI guarantees (Boldini, S.A. $240.8MM; OSGDelaware Bay Lightering, LLC $210.9MM and Vessel Management Services, Inc. $346.1MM. With increased scrutiny by the GAO and DOT, look for strong, near- and investment grade credits to benefit from the program. To most lenders and lessors, the commercial marine market has always been an arcane industry, veri- tably a poor stepchild to other, more easily understood markets like air- planes and railcars, copiers andMRIs. While Washington may have ducked a bullet with the S&P down- grade, the U.S. Commercial Marine Industry does not have that luxury. Each company that operates in U.S.waters must get its financial house inorder, for unlike Uncle Sam, there are no foreign buyers willing to buy up downgraded U.S. commercial marine debt.New Orleans(504) 780-8100 ? Fax (504) 780-8200Norfolk(757) 545-0100 ? Fax (757) 545-8004Houston(281) 452-5887 ? Fax (281) 452-9682www.mcdonoughmarine.comwww.mcdonoughmarine.comLARGEST RENTAL FLEET OF SPUD,DECK AND MATERIAL BARGESLARGEST RENTAL FLEET OF SPUD,DECK AND MATERIAL BARGESBARGES 60 TO 400 LENGTHBARGES 60 TO 400 LENGTH? 16 Fleeting locations inland rivers, Gulf, East and West Coast ? Inland and Ocean towing services Richard J. Paine, Sr. is the National Finance Manager ? Commercial Marine for TCF Equipment Finance, an affiliate of TCF Financial Corporation (NYSE: TCB). A commercial marine lending and leasing specialist, he can be reached at Email: [email protected]#10 (18-31):MN 2011 Layouts 10/5/2011 11:20 AM Page 25