Intermodal freight container lessor TAL
International Group has reported an adjusted pre-tax income of €8.8
million for Q4 2009, less than half of the group’s Q4 2008 income
of €18.3 million, but still up on the previous quarter.
For the year, pre-tax income stood at €45.4
million, compared to €78.9 million in the full twelve months of
2008.
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Brian M. Sondey, CEO of TAL International Group, said “After
falling steadily from the fourth quarter of 2008 through the third
quarter of 2009, our pretax income increased slightly in the fourth
quarter of 2009, and our major operating metrics started to improve
as well.”
He explained that leasing demand for dry containers, which
usually dips in Q4, actually saw improvements on Q3, and that trade
volumes in container shipping had been “stronger than expected”
since the middle of 2009.
As a result, TAL said that many customers were keen to raise
container capacity after returning assets in the first half of the
year.
Sondey also commented that demand had been supported by 2009’s
virtual shutdown of dry container production.
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By GlobalDataFred Crawley
