Garci'a (CAI International): the market of the chartering and the sale of continuous container to being difficult



In according to trimester of this year American CAI International, one of the main world-wide societies of chartering and intermodal sale of container, have recorded an ulterior accentuation of the bending of the economic results against an important increment of the volume of transactions that has been realized mainly in the logistic field and is above all consequence of the acquisition of the ClearPointt happened Logistics in July 2015. The period has been archived item with a profit clearly of 3,8 million dollars, with a decrease of the -70,9% regarding 12,9 million dollars in the period April-june of 2015. The revenues are piled to 71,6 million dollars, in increase of +20.7%. More important it has been the increase of the operating costs, attesting to 56,8 million dollars (+56.7%), and the operating profit has marked a decrease of the -35,8% coming down almost 14,9 million dollars.

"Our financial results - it has commented the president and managing director of CAI International, Victor Garcia - reflect the difficult context with which we have been confronted in the course of the trimester, between which a weak person economic increase and low selling prices of the container".

In entire the first semester of the 2016 CAI it has totaled revenues pairs to 138,6 million dollars, with an increment of +17.6% on the first half last year. To the increase of +48.1% of the operating costs, that they have been pairs to 105,3 million dollars, it has made reply a contraction of the -28,8% of the operating profit that is piled to 33,3 million dollars. The profit clearly has been pairs to 10,9 million dollars (- 58.7%).

Al 30 last June the fleet of container of the American company was constituted by a number of containers pairs to 1,14 million teu, with a decrease of the -4,3% on on June 30, 2015, of which 956 thousand container of property (- 1.0%) and 181 thousand in management (- 18.6%).

Illustrating the situation of the market, Garci'a has evidenced that "the prices of the container permangono on low values regarding the historical standards, and this - has explained - has consequently determined a loss deriving from the sale of container in the course of the trimester. We - he has specified - have continued to concentrate to us more on the cession of the damaged older pieces and of our fleet since we do not expect that these units can be mail rental. Moreover we continue to place unit in the markets in which we can obtain a better selling price and, thanks to these efforts, we have been able to obtain an improvement of the medium proceeds deriving from the sale of our container. We - he has added Garci'a - preview that in the third trimester the selling prices of the container will remain historically on a level low in consideration of the volume of ready units to the sale and of the current low new price of the container".

Examinee the perspectives of the market in which work the company, Garci'a has specified that CAI considers "that totally the tender offer of container rental are relatively in balance, with a level of the escorts of the new factories of container that - he has specified - we estimate we are pairs to about 700 thousand teu and with I use of the chartering that continues to being relatively high. We - it has added Garci'a - have had a material decrease of the units available for the chartering in China and in some resorts we relatively do not have almost some noleggiabile unit to some types of container. The every day installments of the charterings continue to being under pressure date the weak person ask total of container rental in the course of the trimester. However we consider that, because of the lowlands every day installments, have been investments in new contained units more by the chartering societies. Moreover in the course of the trimester the navigation companies have operated with hires weak people because of the moderated total question and persistent excess of offer of ships. Consequently we consider that also the navigation companies have limited their new investments in container".

"The markets in which we operate - have continued Garci'a - they continue to being difficult because of the total situation of weakening of the economy. The low prices of the container continue to under pressure place the installments of chartering of the container and for us this has meant to record reductions of value and losses from the sale of equipments that have diminished our profit regarding the periods precedence".

"In the course of this period of weakening of the economy - it has concluded Garci'a - our priority is that to maximize the yield of the capital who we have already invested through an increase of it uses and of the sales of units that are given back us. We have continued our program of we buy back of our actions and from the beginning of the year of it we have repurchased 900 thousand. We do not consider that currently the yields of the new investments are in general terms of interest and will continue to focus ourselves on the reduction of the debit and on other opportunities of I buy back of our actions".