Textainer, decided signs of resumption of the market of the chartering of the container



The American society of chartering and sale of Textainer container clearly has archived item the fourth trimester of 2016 with a net loss for the shareholders pairs to -497 thousand dollars respect to a profit of 21,6 million dollars in the correspondent period of 2015. The revenues are diminished of the -7,4% attesting itself to 120,1 million dollars, of which 105,9 million dollars deriving from the chartering of the container of the fleet of company (- 15.3%). The operating profit is piled to 9,7 million dollars (- 74.6%).

The president and managing director of Textainer, Philip Brewer, have evidenced the improvement regarding the economic performances achieved in the third trimester last year ( of 8 November 2016). "Our results of the fourth trimester - it has explained - remarkablly have grown regarding the trimester precedence to root cause of the improvement of the conditions of the market and because the results of the trimester precedence meaningfully are influenced by the Hanjin (the company of South Korean navigation of which today the state of liquidation is established, ndr).

"We are satisfied - it has specified Brewer - of the progresses that we have completed in the recovery of the container from the Hanjin, that it was one of our main customers and that has introduced request of failure in August of 2016. Until now we have recovered or we are about to recovering 80% of the container rented to the Hanjin. Moreover we are actively negotiating in order to come to another 13% of our container, even if we do not know if all the negotiations will lead to a recovery. Remaining 7% of the containers are recovered in small lotteries. Al moment we preview to recover about 90% of our container. We have - it has specified Brewer - a insurance cover of 80 million dollars that we preview will substantially cover the not recovered cost of the container, the loss of turnover and the costs of recovery and repair".

Textainer has closed the entire exercise 2016 with a net loss for the shareholders of -50,9 million dollars respect to a profit clearly of 108,2 million dollars in the exercise precedence. The revenues are piled to 498,2 million dollars (- 8.5%), of which 459,6 million deriving from the chartering activities (- 10.3%). The operating profit has been pairs to 28,2 million dollars (- 86.7%).

Brewer has emphasized that in recent months the market in which work the company has shown signs of decided improvement, with an increase of the price of the container it is of new construction that used and above all of the prices of the charterings, that more than they are doubled going up to levels - has found - "that were not seen from various years". "As for the remainder of 2017 - it has observed - we catch a glimpse a series of positive developments that would have to contribute to turn over respect to difficult a 2016. The total production of container for cargos dries pairs to 1,8 million teu has last year not been meaningfully advanced regarding the 1,5 million one teu that they have been dismessi and this means that the world-wide fleet of container has grown light. Currently the new escorts of container for cargos dry anticipate in the factories are near to an historical minim of 300 thousand teu and our rented park of container is not inferior to 100 thousand teu. In the field the rate I use continuous to being high. This very makes to hope for a good balance between supply and demand, even if in the 2017 there is only a modest increase of the traffics".

Relatively to the performances of its company, Brewer has found that these and other positive factors will contribute to an improvement of the results, "however - she has specified - considers that our results of the 2017 will continue to being negatively influenced from the costs of recovery of the Hanjin container, from the devaluation of the container, the greater correlated burdens of amortization to our recent modifications to our strategy of amortization and as we preview that our effective interest rate will increase. These factors will produce accounting losses in the short term. Moreover the full impact of the new rates of chartering of the container will be perceived alone in the course of the time with the revaluation of our fleet and with the chartering of container of new construction. The important thing - it has concluded Brewer - is that our field has already reached rock bottom of this cycle and is showing decided resumption signs".