Page 50: of Maritime Reporter Magazine (December 1996)

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.

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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.

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