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08 May 2021 The on-line newspaper devoted to the world of transports 17:20 GMT+2

October 30, 2020

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Original news
In the third quarter, CAI International recorded a improvement in financial results

Expected a continuation of the positive trend in the coming months

Intermodal container charterer CAI International has closed the third quarter of this year with revenues of 79.0 million dollars, down -2.9% on the same period of 2019, of which $73.9 million was generated by rentals of container of its fleet (-2.2%). Operating costs are amounted to $40.8 million, with a drop of -39.9% which was effect of enrolment in the third quarter of last year of charges of $25.6 million caused by the write-down of Equipment. Operating profit was 38.3 million (+183.4%) and net profit at $15.4 million compared to a net loss of -5.8 million dollars in the period July-September 2019.

Expressing great satisfaction with the results achieved by the American company in the third quarter of this year, the interim chairman and CEO of CAI, Timothy Page explained that "during the third quarter, so as is happening in the fourth quarter, traffic volumes containerised globally were found to be longer than the same period last year. Last year - page specified - many shipping companies had significantly reduced the acquisition of new containers due to the uncertainties arising from the trade disputes between the US and China and then, again, in the first half of this year due to the uncertainties due to the global pandemic. As a result, when the volume of traffic has started to grow, many shipping companies found themselves in the situation of having to add containerized capacity well above the normal growth and reduction of the Fleet. We expect - page pointed out - that this exceptional container demand will continue throughout next year."

In the first nine months of 2020, the company reported revenues equal to to $229.7 million, down -6.5% on the corresponding period last year, of which 212.4 million were from the container rental (-5.7%). Operating costs amounted to $139.9 million (-9.9%), operating profit of $89.7 million dollars (-0.6%) and net profit at $13.5 million (-26,3%).

As of 30 September, CAI's container fleet had a consistency of 1.68 million teu, with a decrease in the -0.8% compared to 30 September 2019, of which 1.62 million properties (-0.1%) and 60,000 teu under management (-17.1%).

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