Textainer Group Holdings Re-enters Refrigerated Container Market

Textainer Group Holdings Limited, the world’s largest lessor of intermodal containers based on fleet size, reported that it has re-entered the refrigerated container market segment. Textainer has ordered 800 40’ High Cube reefers with Carrier and Daikin machinery for delivery in January.

“We have analyzed the reefer market frequently since exiting this segment in the 1990s, but until now, decided not to buy new refrigerated containers,” said John A. Maccarone, President and CEO of Textainer.

“Due to attractive prices for new reefer containers, and the anticipation that our customers may choose to lease a larger percentage of their total reefer requirements, we feel this is the right time to re-enter the market. We feel that we can place at least $30 million worth of reefers into attractive long-term leases in 2008, which would increase our capital expenditure (CAPEX) by about 10% above our original budget. We already have sales/marketing and operations/technical expertise in-house, and reefers are leased by our existing customer base which is supported by our current sales team. Therefore, the incremental overhead costs to Textainer are almost zero.”

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