Trencor, 49% shareholder of Textainer, one of the largest shipping-container companies in the world has received a shot in the arm from its new commitment to add another 182 000 containers to its already vast fleet of 3.1 million containers.
Marine Container Management (MCM), an independent company, has completed the acquisition of approximately 182,000 of standard dry freight and refrigerated containers from Magellan Maritime Services GmbH, which commenced insolvency proceedings in Germany in September 2016.
MCM, the new owner of the 182 000 containers has appointed Textainer, one of the world’s largest lessors of intermodal containers, as the manager of the acquired containers. Textainer, a New York listed company, has managed intermodal containers for entities affiliated with MCM for over ten years.
Textainer, effectively owned by Trencor, are viewed as one company by world stock markets. Trading conditions remained difficult for Trencor but the company is optimistic and expects an improvement in the near future.
credit: Graph Provided by Sharenet Advanced Online Charts
"We are happy to have found a good opportunity to expand the fleet of MCM bringing our total assets under management to 750,000 containers. We appreciate the strong support of our financing partners and Textainer in completing this transaction in a timely, accommodative and efficient manner. Given our long working relationship with Textainer, we are confident that the portfolio will perform strongly under their management," says Tom Chen, Director of MCM.
"Textainer has managed container assets for outside investors since our inception in 1979. We have seamlessly transitioned and assumed the management of more container fleets than any other container lessor. We are pleased that MCM again chose us as its partner for this transaction.
We have strong relationships with the lessees of the Magellan containers and look forward to integrating these containers into our fleet of 3.1 million TEU," says Philip K. Brewer, President and Chief Executive Officer of Textainer.
Needless to say, Trencor or Textainer management will have lined up potential deals for these additional containers, which will in the next few months boost the bottom line.
At a recent annual general meeting, Trencor was criticised by shareholders for its lack of performance. But chairman David Nurex said Trencor was committed to slashing costs and possibly setting up a local listing for Textainer.
Nurex said the process was complex but he hoped it would be finalised by the end of this financial year, December 31.
Jeremy Woods trained for three years as a journalist on the Herts Advertiser, St Albans, in the U.K. Once qualified, he left England to work as a crime reporter on the Vancouver Sun in Canada. After three years, he worked for the Los Angeles Times as a trainee financial journalist, spending most of his time reading company accounts and finding publishable stories in them. He moved to South Africa and for the last five years in journalism worked for the Sunday Times, Business Times, as Investment Editor. He has also published a financial thriller called "Special Payments", which was a best-seller on publication, and optioned three times for a film.