BERMUDA-headquartered textainer Group Holdings declared a 4.3 per cent year-on-year second quarter net profit increase to US$78.5 million, drawn on revenues of $203 million, up eight per cent from and year earlier.
'As we navigated the second quarter of the year, which is traditionally the industry's slow season, demand for containers was subdued with limited lease out opportunities,' said Textainer president and CEO Olivier Ghesquiere.
'Congestion continues to remain the central focus of global container shipping with an estimated 12 per cent to 14 per cent of total ship capacity currently tied up as a result of logistical bottlenecks, labour shortages, and Covid-19 disruptions.
'In this environment shipping lines have reduced their intake of new containers and are holding on to existing units as they now operate with sufficient inventories. We have only seen a small increase in redeliveries of mostly old sales age containers, which have helped us achieve record gain on sales of $23 million for the quarter,' Mr Ghesquiere said.
SeaNews Turkey
'As we navigated the second quarter of the year, which is traditionally the industry's slow season, demand for containers was subdued with limited lease out opportunities,' said Textainer president and CEO Olivier Ghesquiere.
'Congestion continues to remain the central focus of global container shipping with an estimated 12 per cent to 14 per cent of total ship capacity currently tied up as a result of logistical bottlenecks, labour shortages, and Covid-19 disruptions.
'In this environment shipping lines have reduced their intake of new containers and are holding on to existing units as they now operate with sufficient inventories. We have only seen a small increase in redeliveries of mostly old sales age containers, which have helped us achieve record gain on sales of $23 million for the quarter,' Mr Ghesquiere said.
SeaNews Turkey
