Hub Group to buy 2,000 intermodal containers

Hub Group said it would buy 2,000 intermodal containers from a subsidiary of Singamas Container Holdings, in a sign that the freight market is picking up, Reuters reported.

The transportation company expects acquisition costs of the 53-foot containers to be about US$19.2 million.

It expects to take delivery of the equipment starting in May.

Singamas is a container manufacturer and a major operator of container depots and terminals in the Asian-Pacific region.

Hub Group owns a total of 6,225 53-foot containers for use on the Union Pacific and Norfolk Southern rail networks.

It also uses containers owned by these railroads, and trailers to arrange movement of freight.

(Source: Cargo News Asia)