CAI International, Inc.,(NYSE:CAP) incorporated on August 3, 1989, is a container leasing and management company operating through two business segments: container leasing and container management. The Company purchases new containers, leases them to container shipping lines, freight forwarders and other transportation companies and either retain them as part of its owned fleet or sell them to container investors for whom the Company then provides management services. In operating its fleet, it leases, re-lease and dispose of containers and contract for the repair, repositioning and storage of containers. As of December 31, 2009, its fleet comprised 743,000 20- foot equivalent units, the industry’s measurement unit, 68.4% of which represented the Company’s managed fleet and 31.6% of which represented its owned fleet.
CAI International leases containers to lessees under long-term leases, short-term leases and finance leases. Long-term leases cover a specified number of containers, which is on lease for a fixed period of time. Short-term leases provide lessees with the ability to lease containers either for a fixed term of less than one year or without a fixed term on an as-needed basis, with pick-up and drop-off of containers at depots around the world. Finance leases are long-term lease contracts that grant the lessee the right to purchase the container at the end of the term for a nominal amount. As of December 31, 2009, 83.2% of the Company’s fleet was on lease, with 75.7% of these containers on long-term leases, 21.5% on short-term leases and 2.8% on finance leases.
The Company manages containers under management agreements that cover portfolios of containers. Its management agreements typically have terms of 10 years and provide that it receives a management fee based upon the actual rental revenue for each container less the actual operating expenses directly attributable to that container. The Company also receives fees for selling used containers on behalf of container investors. CAI International’s container leasing segment revenue comprises container rental revenue and finance lease income from its owned fleet, while the container management segment revenue comprises gain on sale of container portfolios and management fee revenue for managing containers for container investors.
SeaCube Container Leasing Ltd, and its associated companies acquire, own, manage and lease containers which are essential intermodal equipment used in global containerized cargo trade. This equipment has enabled the growth in global containerized trade because it allows efficient movement of goods via multiple transportation modes, including ships, rail, and trucks. We lease out equipment primarily under long-term contracts to the world's largest shipping lines.
SeaCube Container Leasing owns and manages both Dry and Refrigerated shipping containers including generator sets used to power the refArigerated containers when transported over land for prolonged periods of time while en-route to their final destination. We have long-term relationships with an extensive group of customers in the intermodal shipping industry. Our companies employ 75 people in 7 offices in 4 continents throughout the world to provide you high quality equipment and excellent service with the global coverage.
Formed in 1963, we are one of the world’s largest lessors of intermodal freight containers currently with 18 offices in 11 countries and approximately 216 third party container depot facilities in 39 countries. Our global operations include the acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers.
We lease three principal types of containers: (1) dry freight containers, which are used for general cargo such as manufactured component parts, consumer staples, electronics and apparel, (2) refrigerated containers, which are used for perishable items such as fresh and frozen foods, and (3) special containers, which are used for heavy and oversized cargo such as marble slabs, building products and machinery.
Our fleet currently consists of approximately 992,000 containers representing approximately 1,622,000 twenty-foot equivalent units (TEU). This places TAL International among the world’s largest independent lessors of intermodal containers and chassis as measured by fleet size.
Textainer Group Holdings Limited (Textainer), incorporated on December 3, 1993, is a holding company involved in the purchase, ownership, management, leasing and disposal of a fleet of intermodal containers. The Company is a lessor of intermodal containers based on fleet size, with a total fleet of 1.5 million containers, representing over 2,300,000 twenty-foot equivalent unit (TEU). The Company leases containers to more than 400 shipping lines and other lessees. The Company operates in three segments: Container Ownership, Container Management and Container Resale. On November 1, 2010, TL purchased approximately 23,400 containers. During the year ended December 31, 2010, the Company sold 4,000 containers.
The Company two directly owned subsidiaries: Textainer Equipment Management Limited (TEM), its wholly owned subsidiary, which provides container management, acquisition and disposal services to affiliated and unaffiliated container investors and Textainer Limited (TL), its wholly owned subsidiary, which owns containers directly and via a subsidiary, Textainer Marine Containers Limited (TMCL), in which TL and TCG Fund I, L.P. (TCG) holds interests of 75% and 25%, respectively. Textainer provides its services worldwide via a network of regional and area offices and independent depots. As of December 31, 2010, the Company owned approximately 51% of the containers in its fleet, and managed the rest, equaling 1,137,114 twenty-foot equivalent units (TEU), on behalf of 16 affiliated and unaffiliated container investors.
As of December 31, 2010, the Company operated 2,314,219 TEU. As of December 31, 2010, the Company managed its container fleet through more than 330 independent container depot facilities in more than 160 locations. As of December 31, 2010, the Company managed containers on behalf of 16 affiliated and unaffiliated container investors, providing acquisition, management and disposal services. It also supplies leased containers to the United States military pursuant to a contract with the Surface Deployment and Distribution Command (SDDC) and earn a fee for supplying and managing its fleet of leased containers. It is a supplier of leased intermodal containers to the United States military.
As of December 31, 2010, total managed containers accounted for 49% of its fleet. The Company purchases and leases or resells containers from shipping line customers, container traders and other sellers of containers. The Company purchases all of its containers in the People's Republic of China.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.