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GATX Picks Up 18,000 Tank Containers In Latest Deal

FreightWaves
·2 min read

GATX (NYSE: GATX) announced Wednesday the acquisition of the fourth-largest tank container lessor globally, Trifleet Leasing Holding B.V., for 175 million euros ($215 million) in cash.

The Netherlands-based Trifleet owns and manages a portfolio of more than 18,000 tank containers, which it leases to providers in the chemical, industrial gas, energy, food, cryogenic and pharmaceutical sectors as well as tank container operators and shipping lines.

The all-cash deal closed Tuesday.

"Trifleet complements our existing railcar leasing business and shares GATX's approach of striving for the highest levels of safety, quality, customer service and environmentally responsible performance," said GATX President and CEO Brian Kenney.

Founded in 1990, Trifleet is a network of agents, depots and surveyors headquartered in 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's lightweight swap body tank container (Photo: Trifleet)

The International Tank Container Organization's annual fleet survey shows the world tank container fleet has nearly doubled since 2012 to more than 650,000 units. The number of units held by lessors has increased by a similar percentage to 306,000, with Trifleet representing approximately 6% of the global lease 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," Kenney added.

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

GATX sold its dry bulk marine operations, American Steamship Co., in February.

Click for more FreightWaves articles by Todd Maiden.

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