HAMILTON, Bermuda, Aug 18, 2009 (BUSINESS WIRE) -- Textainer Group Holdings Limited (NYSE:TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today reported that 650 40’ High Cube reefers have been committed to a long term lease with Hanjin Shipping with delivery starting in September 2009.
Hanjin Shipping is the largest container carrier in South Korea, and the 10th largest carrier in the World, operating some 60 services across the globe.
Textainer entered the refrigerated container market in 2008, and now operates a fleet of 10,000 refrigerated containers.
“We are pleased to have concluded our largest single new reefer transaction, positioning the Company to further enhance its industry leadership and earnings potential over the long-term,” commented John A. Maccarone, President and CEO of Textainer. “The accretive reefer transaction with Hanjin Shipping, which will result in a $10.5 million capital expenditure, meets our strict return criteria and furthers our strategy of securing a significant percentage of our fleet on long-term leases. With more than $350 million in liquidity and low leverage, we intend to continue to seek additional opportunities to further grow the Company in a disciplined manner.”
Mr. Maccarone continued, “Despite the downturn in the global shipping market, demand for reefers has remained relatively strong. Since dry-freight container manufacturers remain closed, it is likely that refrigerated containers will be the only new production added to the World container fleet during 2009.”
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.5 million containers, representing over 2.3 million TEU units, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 170,000 containers during the last two years to more than 1,000 customers. We provide our services worldwide via a network of 14 regional and area offices and over 330 independent depots in more than 150 locations.
SOURCE: Textainer Group Holdings Limited
Textainer Group Holdings Limited
Mr. Tom Gallo, 415-658-8227
Investor Relations Director
ir@textainer.com
Copyright Business Wire 2009