San Fransciso box renter Textainer profit up 5pc as revenue falls 22pc

TEXTAINER, the world's biggest container rental operator, has made a profit on falling revenues and increased the size of its stock 15 per cent in the first half despite its own prediction that global box numbers will fall five per cent as trade slackens.

As Textainer's quarterly revenues fell 22 per cent year on year to US$54.4 million, the company still increased profit five per cent to $25.6 million, excluding unrealised gains on interest rate swaps.

San Franscisco-based Textainer has completed the purchase of rights to manage the container fleets of Amphibious Container Leasing, Capital Intermodal and Xines, reported London's International Freighting Weekly.

The company has also concluded an accretive purchase leaseback transaction for more than 28,000 containers with a major, un-named Asian shipping line and bought some 29,000 containers it had been managing for a large institutional investor, said the report.

State appeals Thai judge's denial of US extradition of Russian air cargo carrier

THE Thai government will appeal a court ruling that quashed an American extradition of Russian air cargo carrier Viktor Bout, for allegedly making arms sales to Colombian rebels in a Bangkok hotel after a local judge determined that no Thai law had been broken.

"The US charges are not applicable under Thai law," said Judge Jittakorn Wattanasin. "This is a political case. The FARC [Revolutionary Armed Forces of Colombia] is fighting for a political cause and is not a criminal gang. Thailand does not recognise the FARC as a terrorist group."

But the state prosecutor said he intends to appeal, according to an Agence France-Presse report that cited Sirisak Tiyapan, executive director of international affairs at the Thai foreign office.

The prosecutor has 30 days to lodge an appeal, during which time Bout can be held. "We're disappointed and mystified by the lower court ruling," said James Entwistle, deputy chief of mission at the US embassy.

But the Russians take Bout's side. "We view this decision with satisfaction, and we hope that in the nearest future, Viktor Bout will return to the motherland," Interfax quoted a Russian foreign ministry spokesman as saying.

Since his incarceration, Bout said he is pleased with the Russian consular service in Bangkok, reported the Bangkok Post. "They come here regularly. They are doing a lot of liaison with my family and helping me with the legal things as much as possible. They are also helping me to prepare the appeal and supporting me morally," he said.

Bout also said that he had heard Russia's Foreign Minister Sergey Lavrov had raised his case with Thai officials when he was here for the Asean meeting last month.

The former Soviet air force officer was arrested in an entrapment staged at the five-star Sofitel Hotel after allegedly agreeing to supply surface-to-air missiles to US agents posing as FARC agents. Extradition to the US risks a life sentence on terrorism charges, including charges of conspiracy to kill US officers and conspiracy to acquire an anti-aircraft missile.

The US Drug Enforcement Administration (DEA) organised the entrapment, reported the Bangkok Post. After the arrest, US prosecutors said they would seek the extradition of Bout and an associate, Andrew Smulian, a 68-year-old British passport holder, who was also arrested at the Sofitel. Bout believes made up stories on which the charges are based to free himself.

A US indictment accused Bout of using a fleet of cargo planes to transport weapons and military equipment to wars in Africa, South America and the Middle East.

It is alleged that at the Bangkok meeting Bout indicated he could supply FARC with 700-800 surface-to-air missiles, 5,000 AK47s, three million rounds of ammunition, an unspecified number of land mines and C4 explosives and ultralight planes fitted with grenade-launchers and missiles. The charges also state Bout offered to sell FARC two cargo planes and added he needed "at least 15 to 20 million" with no currency specified to start the procurement process.

Bout is on a number of wanted lists, the subject of UN sanctions and an Interpol notice over weapons trafficking. The US has frozen his assets.

(Source: www.schednet.com)