Textainer to buy 52,000 TEU from managed fleet - 'owning more profitable'

TEXTAINER Group Holdings Limited, a large lessor of intermodal containers based on fleet size, has entered two separate agreements to acquire 52,000 TEU from its managed fleet for US$66 million, with the transfer of ownership rights effective August 1.

The purchase of 4,300 TEU was completed on August 1, and the purchase of 47,800 TEU is expected to close by the end of September.

The two acquired fleets consist of standard dry freight containers and the purchases increase the percentage of Textainer's owned fleet from 61 per cent as of July 31 to 63 per cent as of this August.

"We are pleased to once again take advantage of opportunities presented by the current industry fundamentals and enter into another accretive transaction for our shareholders," said Philip Brewer, president and CEO in a statement.

"While managing containers is a key part of our business strategy, container ownership is typically more profitable. This transaction will increase the owned portion of our fleet and position us to further increase our profitability. We intend to continue to utilise our financial resources to take advantage of similar opportunities that allow us to grow the owned portion of our fleet," he added.