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trifleet textainer container investment

Textainer Plans to Invest $10 million in Shipping Containers

November 8, 2013 12:10 am Published by Leave your thoughts

Intermodal container lessor and industry leader Textainer Group Holdings Limited, announced that it has plans, over the coming months – late 2013 to early 2014; to invest approximately $10 million into shipping containers with Trifleet Leasing. Under the terms of the agreement, Textainer will invest in new intermodal tank containers that will be managed by Trifleet. The container leasing company (Trifleet) will acquire and lease the cargo containers on behalf of Textainer, serving as its exclusive manager in the intermodal tank container market.

"Our fleet size has grown by 12 percent over the past twelve months to almost 3.0 million TEU which will be a major milestone for Textainer. Utilization is stable, averaging 94.1 percent for the quarter and currently it is slightly higher at 94.2 percent. We continued to invest throughout the quarter with total containers ordered over the last 12 months for delivery in 2013 of $827 million,"- President and Chief Executive Officer of Textainer.

Continuing a strong pace of expansion, the company said it has invested $629 million in new and used cargo containers year-to-date, following a $198 million investment into new shipping containers in the fourth quarter of 2012. Reflecting Textainer's strong and continued investment into new and purchase leaseback containers, the industry leader has increased its total fleet size by 11.7 percent over the last year, reaching close to 3 million TEU in late 2013. Moreover, Textainer's lease rental income grew by 20.7 percent in the Q3 of 2013 to $118 million compared to the same quarter a year ago. has lowered funding costs and locked in 80 percent of their fleet on long-term and finance leases.

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