US container lessor Seacube third quarter profit doubles

CONTAINER leasing company Seacube Container Leasing has reported net profits of US$4.8 million in the third quarter of 2010, double from a net profit of $2.7 million in the same quarter last year.

The New Jersey-based firm increased revenue by 11.4 per cent to $18.5 million in equipment rental from same period 2009, though the nine-month reporting period revenue was down year on year 6.9 per cent at $101.3 million compared to $108.8 million.

The largest operating lessors of containers has spent $200 million on new containers of which 94 per cent are on long term leases with the remaining on delivery final quarter to generate 2011 leasing sales.

Seacube CEO Joseph Kwok said he is seeking to expand his fleet which totals 815,000 TEU on the back of its healthy balance sheet and the completion of public offering on the New York Stock Exchange.

"We are actively pursuing new container investments, particularly in the reefer segment, in order to take advantage of the robust demand for leased containers and a strong rate environment," Mr Kwok said.
(Source:www.schednet.com)