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29 May 2020 The on-line newspaper devoted to the world of transports 11:07 GMT+2

May 6, 2020

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Original news
Because of the deterioration of the CAI International market suspends the project of sale of the branch of the railway wagons

The company has closed the first trimester with a net loss of -1,3 million dollars

The progressive spread almost all the globe of the coronavirus pandemic, than has manifested in all its dangerousness between the February end and the March beginning, has induced the charter of CAI International container to suspend the negotiations for the cession of own activities in the field of the railway wagons. "Because of the conditions of the market - it has explained the president and managing director of the company, Victor Garcia - we have decided to interrupt the process of sale of our railway division. Therefore we will newly consider it which part of our running activities. Our strategy remains focused on the improvement of it meanwhile uses of the fleet and on the results, looking for opportunity in order to reduce our total investment in the railway field. We will continue to look for ways for monetizzare our investment in the assets, with a future escape from this business when the perspectives of the market are in favor of a sale. As for the appraisal of the activities in the segment of the railway wagons at the end of the trimester - it has specified Garci'a - we have recorded losses for reduction of value before taxes pairs to 19,2 million dollars, that they include the decision to for markets unravel us of 420 between the oldest railway wagons not mainly employed places rental and of the energy".

While CAI International has archived item the first trimester of this year with revenues pairs to 105,0 million dollars, with a bending of the -5,5% on the same period of 2019, of which 69,1 million dollars generated from the chartering of fleet (- 8.5%). The operating costs are piled to 89,0 million dollars, with a rise of +32.8% on the first three months last year. The operating profit has been of 16,0 million dollars (- 63.7%) and the economic result clearly has been of sign negative and pairs to -1,3 million dollars respect to a profit clearly of 18,6 million dollars in the first trimester of 2019.

About the impact on the activity of the company determined from the pandemic, Garci'a has specified that "the pandemic of Covid-19 and the consequent total reaction has produced a level of uncertainty unprecedented on the activity and increased to the level of risk of credit regarding the navigation companies our customers. Our results for the remaining part of the year - it has added Garci'a - will be guided by the performances of our division container and by the contractual performances of our customers. Although the limited increment of the question of container in according to trimester, we consider that the employment of the fleet will continue to being high because of the nature in the long term of ours contracts with our customers and of the oculata management of our fleet of container not rented. Moreover - it has asserted the president and CEO of CAI International - we believe that to many of our customers, in particular in Asia, a support will be granted financial, from the moment that many of these customers are already partially of property of the government or are supported by this. For example - it has supported Garci'a - they have been marked cases in which the governments of Korea and Taiwan they are taking in financial consideration a support to their national companies of navigation".

"Our greater credit exposures with the customers - it has continued Garci'a - are regarding European marine carriers and we consider that, because of their the strategy, market share of increase of the activities and of the importance of the supply chain total, they will be able to obtain sufficient support financial in order to tackle to the wait contraction of the question of containerized marine transport. To March and April - he has specified - our customers have respected the terms of payment in ours confront. We consider - it has concluded Garci'a - than in the next few months we will be able to continue to collaborate with our contractual customers and that the obligations who our customers have in ours confront will be respected".

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