Britton follows Frew out of GE SeaCo door

Almost two years after it acquired container lessor GE SeaCo from GE Capital and SeaCo Ltd, China’s HNA Group Company Ltd has returned to GE Capital to buy the latter’s European trailer rental operation TIP Trailer Services

The tank leasing sector enjoyed an outstanding year in 2011. While the eurozone crisis and its possible impact are now creating uncertainties, lessors seem confident about future prospects.

China’s HNA Group Company Ltd (HNA) and HongKong based Bravia Capital have completed the US$1.05B acquisition of the world’s fifth largest container leasing company, GE SeaCo (see WorldCargo News August 2011, p1).

The New Materials Committee of the Container Owners Association (COA) has published an updated report on Alternative Materials for Container Flooring highlighting developments since the publication of its last report in August 2010.

Reefer demand has picked up during 2011 as the production dip of 2009-10 has been made good and shipping companies have resumed investment. This has spelt good news for the machinery manufacturing sector, with a record 140,000 reefer units forecast to be built this year, compared with 97,500 in 2010 and just 52,500 in the recession year of 2009. The previous annual record – set in 2007 – was 117,500 units.

As speculated in last month’s issue of WorldCargo News (p1), China’s HNA Group Company Ltd (HNA) and Hong Kong-based private equity group Bravia Capital have agreed to acquire GE SeaCo for US$1.0487B, valuing the company at around US$2.5B including debt.