SeaCube box lessor 2011 profit rises 27pc to US$44 million, sales up 23pc

2012 03 05

NEW JERSEY's SeaCube Container Leasing Ltd, which owns or manages 594,071 units or 933,499 TEU, posted a 27 per cent year-on-year net profit increase to US$44.1 million in 2011, drawn on revenues of $169.5 million, up 23 per cent.

Fourth quarter net profit was up 19 per cent year on year to $12.3 million, drawn on revenues of $46.7 million, up 30 per cent year on year.

Average utilisation was 98.1 per cent in the fourth quarter and 98.3 per cent for the full year, said the statement from New York-listed company, adding that it had invested $561.1 million in new equipment last year.

"During 2011, we more than doubled our container investments, enabling the company to significantly improve its revenue, earnings and cash flow. We have invested another $80.8 million during the first two months in 2012, of which 88 per cent has been committed to long term leases," said SeaCube CEO Joseph Kwok.

SeaCube is one of the world's largest container leasing companies based on total assets, said the company statement. The principal activities of SeaCube include the acquisition, leasing, re-leasing and subsequent sale of refrigerated and dry containers and generator sets, mostly on long-term contracts to the world's leading shipping lines. The company employs 75 in seven offices worldwide and has assets of $1.5 billion.

Source Shipping Gazette - Daily Shipping News

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