THE Ontario Teachers' Pension Plan, one of the largest pension funds in Canada, is paying US$467 million to buy a 100 per cent stake in container leasing firm SeaCube.
The first time the pension fund turned to the container shipping industry was in 2006 when it acquired several assets from Hong Kong's OOCL Terminals in a $2.4 billion deal. This enabled the fund to control two container terminals each at the ports of New York/New Jersey and Vancouver.
SeaCube is one of the world's largest container lessors with a fleet of one million TEU, and a leading reefer container lessor with a fleet of 175,000 TEU. The company posted a third quarter 2012 net profit of $11.4 million on revenues of $49.5 million, reported American Shipper.
The pension fund indicated SeaCube operations will be unaffected by the sale, with the existing management team remaining in place.
CONTAINER
22 January 2013 - 22:46
Ontario Teachers' Pension Fund returns to invest in container shipping
THE Ontario Teachers' Pension Plan, one of the largest pension funds in Canada, is paying US$467 million to buy a 100 per cent stake in container leasing firm SeaCube.
CONTAINER
22 January 2013 - 22:46
Ontario Teachers' Pension Fund returns to invest in container shipping
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