Finance Executive Panel Discussion

Whether your company is a small business or publicly traded corporation, capital is the engine that drives it. Where that capital is going to come from is the issue of the day, now perhaps the issue of the decade. Our morning panel of finance experts will help you understand the state of the commercial marine finance marketplace, answer your questions and help find solutions to the problems you face. The panel will explore new markets for acquiring capital for operations, expansion and acquisitions. They’ll offer insight into the role the government can, should and shouldn’t play in helping maintain the health of this critical Industry. How do market issues such as vessel replacement cost, population and utilization affect asset value? How can you best prepare your company for the return of a strong and growing marine market? Our experts may have the answers. Ask them.

Dennis Bolton
Managing Director
Wachovia Equipment Finance
Finance Executive Panel Discussion

Dennis Bolton is Managing Director of the Equipment Management at Wachovia Equipment Finance. He has direct management responsibility for all equipment management and work out activities within Wachovia’s 23B lease portfolio.

Prior to joining Wachovia in 2005, Mr. Bolton spent 15 years at Banc of America/Fleet Capital Leasing in management roles within the Equipment Management Group with responsibility for the 14B+ direct lease portfolio and remarketing oversight for its 6B in specialty finance business lines: vendor, technology, healthcare, marine and corporate/commercial aircraft finance.

Since joining Fleet in 1990, Mr. Bolton has also held positions of increasing responsibility for product and systems development, portfolio and risk management, mergers and acquisitions, project management, outsourcing and off-shoring and corporate/organizational efficiency within the risk management, workout and equipment management areas. He has been in a leadership position since 1998.

Mr. Bolton holds a B.S. in Economics from Bentley College in Waltham, MA.

In addition to serving as Equipment Leasing and Finance Association’s Equipment Management Committee Chair, Mr. Bolton has served as a former director and founder of International Association of Medical Equipment Remarketers, is a candidate in the American Society of Appraisers and a member of National Aircraft Finance and National Business Aviation Associations. He has spoken and authored articles on such topics as asset management, equipment finance, healthcare, corporate aircraft, technology, marine and other equipment and finance related activities. He was a subject matter expert to Global Insights in their preparation of the Marine and Aircraft market studies of the Equipment Leasing and Finance Foundation’s Transportation Outlook Series Study.

Elliott K Etheredge, CFA
Managing Director and Head of Marine Transportation Investment Banking
Dahlman Rose
Finance Executive Panel Discussion

Elliott K Etheredge is a Managing Director in Transportation Investment Banking and Head of Maritime Investment Banking at Dahlman Rose. Mr. Etheredge began his career in transportation more than 15 years ago heading logistics operations in Mexico for Intertrans Corporation and Sears, Roebuck. In 1999, Mr. Etheredge began his career in investment banking with Bear, Stearns & Co., Inc. as a member of the firm’s prestigious Aerospace & Defense team before joining the Transportation & Logistics group as a Managing Director. After the acquisition of Bear Stearns, Mr. Etheredge transitioned to J.P. Morgan where he ran the firm’s Maritime Investment Banking group. During his career Mr. Etheredge has participated in more than $55 billion in announced M&A transactions and has helped clients raise more than $7 billion of capital.

Mr. Etheredge received a BA from the University of Richmond and an MBA from The University of Texas where he was a member of the Phi Kappa Phi and Beta Gamma Sigma honor societies and was recognized as a Dean’s Scholar and a Sord Scholar. Mr. Etheredge is a CFA charterholder.

Tom Fitzpatrick
Senior Relationship Manager
Export/Import Bank Of the United States
Finance Executive Panel Discussion

Tom Fitzpatrick, the senior relationship manager in the Ex-Im Bank Trade Finance Division, is the principal contact within Ex-Im Bank for transactions involving the export of marine vessels. Tom has many years of experience in the export finance business in both the private and public sectors and has held various positions in Ex-Im Bank since 1992. Mr. Fitzpatrick holds a B.A. from Lehman College and an MA from George Mason University.

Debra Lessans
MARAD
Title XI Ship Financing Guarantee Program Manager
Finance Executive Panel Discussion

Debra Lessans is a Title XI Ship Financing Guarantee Program Manager, currently responsible for managing a portfolio of $1.5 billion in loan guarantees. She also manages tax deferral programs for ship construction. Ms. Lessans has a B.A. and M.B.A. Cum Laude from American University in Washington, D.C. and has been with the U.S. Maritime Administration’s Office of Marine Financing since 1999.

Bill Luetzow
Managing Director
Caterpillar Financial Services
Finance Executive Panel Discussion

Bill Luetzow [pronounced "LIT zow"] is Manager of the Global Power Finance - Americas Division of Caterpillar Financial, the financial services arm of Caterpillar Inc. The company has a managed loan portfolio in excess of $ 30 billion, with offices in more than 30 countries. The Global Power Finance Division of Cat Financial has a worldwide loan portfolio exceeding $3 billion, including loans and leases for Caterpillar equipment and projects using Caterpillar and MaK components in the marine, electric power, petroleum and industrial OEM segments.

Bill has a bachelor's degree in Management from the University of Wisconsin - Eau Claire (1974) and a MBA from Vanderbilt University (1997). After joining Caterpillar’s College Finance Training program in 1974, Bill held various finance related management positions in Peoria, Ill.; Hong Kong; Singapore; Washington D.C.; and, Geneva, Switzerland. In 1991, he transferred to Cat Financial as Sales Manager for the newly formed International Division and relocated to the Nashville headquarters. In 1996, Bill led the consolidation of Cat Financial's various marine lending activities to form the Marine Division. In 2009, Bill was named Manager of the newly formed Global Power Finance - Americas Division, encompassing the former Marine and Power Finance Divisions.

Richard Paine, Sr.
CEO President
Marine-Finance.com
Moderator of the Finance Executive Panel Discussion

Mr. Paine is the Chief Executive Officer of Marine-Finance.Com, LLC, a New York-based consulting practice specializing in commercial marine lending, leasing and alternate sources of capital . Mr. Paine’s maritime credentials are well established having held senior lending positions with the marine groups of debis/Daimler-Chrysler Credit, The Associates Commercial Corp., CitiCapital div., CitiGroup, General Electric Credit Corp. and Key Equipment Finance. Past and present associations include membership in the American Waterways Operators (AWO); Passenger Vessel Association (PVA), and the Society of Naval Architects and Marine Engineers (SNAME). Mr. Paine is a frequent contributor to maritime industry publications and was awarded the PVA’s 2007 David Clark Award for Editorial Excellence. He received a B.S. from New York University and holds certificates in multiple engineering and financial disciplines, Mr. Paine’s experience spans over thirty years within the marine industry ranging from vessel and propulsion system design, to operations, to management and finance. He can be contacted at: rpaine@marine-finance.com or 516-431-9285.

Boatbuilder/Operator Executive Panel Discussion

Operators and shipbuilders have a great deal in common as the marine financial market ebbs and flows. Questions: Build or repair? Scrap or cold stack? Open slots or three years wait? You’ll meet some of the leaders of these industries on the afternoon panel. Building on the morning’s discussions, how the Industry is coping with the financial curveballs this recession has thrown will be the topic on everyone’s mind. How strongly has the Industry been impacted by the economic woes of the last two years? What will the market look like in the next two years or in ten years? What are the true signs of a recovery? What roll does government play? If you own one tug or fifty, two or two thousand barges, understanding the financial implications of today’s economy is critical. Our experts will help you to do just that.

Stephen Dick
Executive Vice President
Tidewater, Inc.
Boatbuilder/Operator Executive Panel Discussion

Stephen W. Dick is a native of Lewiston, Maine and graduated from Maine Maritime Academy in 1971. He began his career at Tidewater that same year. He served as a deck officer on board various vessels in Tidewater’s Offshore Towing Division. In 1973, Dick was promoted to Port Captain in the Supply Vessel Division, and in 1974, he transferred to Nigeria in the same position. In 1975, he was appointed Area Operations Manager in Revenna, Italy. He held this post until 1979 when he was promoted Area Manager for Tidewater’s activities in Brazil. From 1981 until 1983 Dick was living in Dubai and serving as Tidewater’s Regional Vice President of the Middle East and India. In 1986, Dick relocated to Morgan City, Louisiana and was promoted to Manager of Tidewater’s Offshore Towing Division. Dick was elected as a Vice President of Tidewater Inc. in 1990. He was promoted to Senior Vice President of Tidewater Inc. in 1996 with supervisory responsibilities overseeing the Company’s activities in the North Sea and West Africa from Aberdeen, Scotland. In 2001, Dick was elected Executive Vice President of Tidewater Inc and assumed responsibility for Tidewater’s domestic divisions. Dick received an honorable discharge from the U.S. Navy as a lieutenant in 1975. In addition, he was appointed by the U.S. Department of Transportation to serve on the Towing and Safety Advisory Committee in Washington, D.C. from 1986 to 1988. He is married to the former Claire Ledoux, also from Lewiston, Maine, and they have four children

Brian D’Isernia
President
Eastern Shipbuilding Group, Inc
Boatbuilder/Operator Executive Panel Discussion

Brian R. D’Isernia is the founder and Chief Executive Officer of Eastern Shipbuilding Group, Inc where he is engaged in all phases of shipyard work including new construction, conversions and repairs. Brian is also directly responsible for the overall management of the shipyard. Brian also serves as the Chief Executive Officer for various land owning corporations as well as Bay Fabrication Inc.

Prior to 1996, Brian served as the Founder and Chief Executive Officer of Lagoon Landing, Inc, Lagoon Cruise Line, Inc., and Eastern Marine Inc. From 1972-1980, Brian owned and operated four commercial fishing enterprises which included swordfish vessels that operated from Grand Banks Newfoundland to Texas. He served aboard vessels in various capacities including deck hand, engineer, vessel captain, and shore captain to ensure maximum operating performance of the vessels. This total management, coupled with hands-on sea time afforded him a wealth of experience and knowledge which was applied to future marine related pursuits.

Brian holds a BA in Economics from Georgetown and a JD from Fordham University School of Law in New York where he is admitted to the State bar of New York.

Peter Duclos
President
Gladding-Hearn Shipbuilding
Boatbuilder/Operator Executive Panel Discussion

Peter has been involved with his family’s 54 year old shipbuilding company all of his life; from dinner table conversation and summer employment to the current President and Director of Business Development.

After graduating with a Bachelors degree in Mechanical Engineering from the University of Massachusetts in 1987, he started working full time with the company. Since then Peter has been part of the design, construction and delivery of more than 100 steel, aluminum and composite commercial vessels of various types including tugs, ferries, fire boats, police boats, pilot boats, research vessels, and 35 high-speed catamaran ferries co-designed with Incat-Crowther Designs of Sydney Australia. Peter’s responsibilities include (but are not limited to) marketing, pre-contract engineering, spec and contract preparation, estimating, contract management, and strategic planning. Peter also holds a U.S. Coast Guard Masters License for vessels up to 100 Gross Tons.

Peter shares his responsibilities with his father George- CEO, mother Pauline- Treasurer, brother John- President, Director of Operations, Sister Carol Hegarty- CFO/Comptroller and about 120 highly skilled dedicated employees.

Currently over 18 vessels are under contract in the yard including 12 patrol boats for the US Navy.

Harley Franco
Chairman & CEO
Harley Marine Services, Inc.
Boatbuilder/Operator Executive Panel Discussion

Mr. Franco is responsible for establishing the vision of Harley Marine Services and setting the corporate philosophy. Mr. Franco founded the Company in 1987 with the goal of becoming the most environmentally responsible marine transportation company in the country and a leader in corporate contribution back to the community.

Prior to founding Harley Marine Services, Mr. Franco was an executive in the telecommunications industry and practiced law in the Seattle area. Mr. Franco has a B.A. from the University of Washington and a J.D. from Northwestern School of Law at Lewis & Clark University in Portland, Oregon. Mr. Franco is the former president of the Washington State Cystic Fibrosis Chapter and is a founder of the Patrons of Cystic Fibrosis, a guild dedicated to eliminating Cystic Fibrosis. He and his wife, Lela, were the recipients of the Cystic Fibrosis Breath of Life Award in 2000. Mr. Franco is a former board member of the American Waterway Operators and has recently been elected to the Board of the UK P&I Club.

John Gellert
President
SEACOR Marine LLC
Boatbuilder/Operator Executive Panel Discussion

Senior Vice President since May 2004. Mr. Gellert’s primary responsibility since 2002 has been the running of the domestic and international divisions of Offshore Marine Services. Mr. Gellert has been an employee of SEACOR since 1992.

David Krapf
Editor in Chief
WorkBoat Magazine
Moderator Boatbuilder/Operator Executive Panel Discussion

David Krapf has been editor in chief of WorkBoat, the nation’s leading trade magazine for the commercial marine/inland and coastal waterways industry, since 1999. He is responsible for overseeing the editorial direction of the publication. Mr. Krapf has been in the publishing industry since 1987, beginning as a reporter and editor with daily and weekly newspapers in the Houston area. He also was the editor of a transportation industry daily in New Orleans before joining WorkBoat as a contributing editor in 1992. He has been covering the transportation industry since 1989. He has a bachelor's degree in business administration from the State University of New York at Oswego, and also studied journalism at the University of Houston.

Charles A. Robertson
Chairman of Chesapeake Shipbuilding Corp.
Boatbuilder/Operator Executive Panel Discussion

Mr. Robertson is currently Chairman of Chesapeake Shipbuilding Corp., American Cruise Lines, Inc., and various maritime, real estate and oil and gas-related companies since 1975. He has been an expert witness for ship safety issues for the United States Coast Guard before the National Transportation Safety Board and an expert witness before Congressional Committees, relating to maritime interests, as a ship owner and shipbuilder. He has participated on numerous boards, committees, etc. regarding various maritime safety and technical issues including that as Chairman of the Center for Maritime Education of Seamen’s Church Institute. Mr. Robertson has been involved in the drafting of several pieces of legislation concerning maritime matters.

Mr. Robertson’s firms have built and designed approximately sixty-five commercial vessels between 90 and 250 feet including tugs, vehicle ferries and passenger vessels.