GATX recovers 18,000 tank containers in latest transaction

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GATX (NYSE: GATX) on Wednesday announced the acquisition of the world’s fourth largest tank container lessor, Trifleet Leasing Holding BV, for 175 million euros ($215 million) in cash.

Dutch company Trifleet owns and manages a portfolio of over 18,000 tank containers, which it leases to suppliers in the chemical, industrial gas, power, food, cryogenics and pharmacy, as well as tank container operators and shipping companies.

The all-cash deal was completed on Tuesday.

“Trifleet complements our existing railcar leasing business and shares GATX’s approach of pursuing the highest levels of safety, quality, customer service and environmentally responsible performance,” said Brian Kenney, President and CEO of GATX.

Founded in 1990, Trifleet is a network of agents, depots and experts headquartered in the Port of Rotterdam, with offices in Houston, Singapore, Shanghai, Paris and Hamburg, Germany. In addition to leasing a wide variety of tanks, the company provides fleet management services.

Trifleet lightweight swap body tank container (Photo: Trifleet)

The International Tank Container Organization’s annual fleet survey shows that the global tank container fleet has nearly doubled since 2012 to more than 650,000 units. The number of units owned by lessors increased by a similar percentage to 306,000, with Trifleet accounting for around 6% of the global rental fleet.

“We are committed to strengthening Trifleet’s position in the tank container leasing market by leveraging GATX’s extensive global customer base and experience in managing long-lived, widely used transportation assets. “, added Kenney.

Founded in 1898, Chicago-based GATX is one of the world‘s largest railcar lessors, owning and managing fleets in North America, Europe and Asia.

GATX sold its dry bulk shipping business, American Steamship Co., in February.

Click for more FreightWaves articles by Todd Maiden.

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