AUGUST 25, 2014 — San Francisco-based Capital Access Group, which specializes in U.S. Small Business Administration 504 financing, reports that Baydelta Maritime secured $10.4 million in total project financing to acquire the latest addition to its fleet, the Delta Audrey, a 100 foot, 85-ton (6,800 horsepower) tractor tug recently delivered by Nichols Brothers, Freeland, WA.
Baydelta Maritime provides tugboat escort and assist services for petroleum tankers and cargo vessels entering and departing the San Francisco Bay and its tributaries.
"Our customers, the shipowners, continually demand more powerful tugs that can stop or redirect a tanker in a shorter distance, so we've been revamping our fleet since 2007 to build this class of tug—the most powerful on the West Coast for the work we're doing," said Shawn Bennett, General Manager, Baydelta Maritime. "The whole purpose is to increase safety by improving our ability to maneuver in case of an emergency, which is exactly what this tug is designed to do."
"The SBA 504 loan program is a great fit for Baydelta Maritime," said Jacklyn Jordan, President and CEO of Capital Access Group. "The 504 program provides access to low down payment, fixed-rate, long-term financing, which freed up capital for Baydelta to use for other purposes. In addition to creating new jobs, the Delta Audrey will increase shipping safety and efficiency in the San Francisco Bay."
Currently, says Capital Access, the SBA 504 interest rate is 4.95%, fully amortized and fixed for 20 years.
Capital Access Group financed $4.7 million and First Bank provided $5.7 million in financing for the Delta Audrey. First Bank also provided construction financing in the amount of $10.3 million.
"The longevity of the 504 loan is what helps us in terms of being able to free capital for other purposes including hiring the crew to man the tug," said Mr. Bennett. "The SBA 504 loan enabled us to do it."
"Our experience with Capital Access Group has been exceptional," said Mr. Bennett. "Alan Jung (SVP & Chief Credit Officer) and Tom Parini (Loan Officer) were outstanding in terms of guidance and looking at all the data we kept throwing their way and helping us put it all together. It's really been a great experience for us."
This vessel is the sixth tractor tug of its series Nichols has built for Baydelta Maritime. Nichols begun their relationship with Baydelta in 2006 after building the first Tractor Tug the M/V Valor.
The complete propulsion system consists of two 3,400 HP Caterpillar 3516C diesel engines coupled to a Rolls Royce Z-Drive system. The propulsion package will produced 90+ tons of bollard pull which will give the tug exceptional maneuverability. Accommodations aboard the tug are: Captain's stateroom, Engineer's stateroom, three crew staterooms, a mess room and a galley. The deck is equipped with a Hawser DEPC-52 winch and a TSW JonRie A525 winch.
Length: 100 ft
Beam: 40 ft
Draft: 17 ft
Fuel Capacity: 70,840 Gallons
Fresh Water Capacity: 8,000 Gallons
Sewage: 1,400 Gallons
Bollard Pull: 90+ Tons
Speed: 14 Knots
Main Engines: Two Caterpillar 3516C @ 3356 HP each
Auxiliary Engines: Two Caterpillar @ 215 KW
Propulsion Units: Z-Drives