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CAI International sells wagons

15 Mar 2019

USA: CAI International has agreed to sell 2 146 wagons, approximately 30% of its North American lease fleet, for $200m.

The sale of 1 946 wagons was completed on February 26, realising a gain of $7m, while the remaining 200 wagons are currently being manufactured and will be sold in Q2 2019.

‘In line with our strategy to maximise overall corporate returns, we have focused on the sale of rail equipment in order to redeploy capital to other investments’, said President & CEO Victor Garcia. ‘Our strategy commenced during the fourth quarter of 2018, when we sold 385 railcars for $40m, reporting a gain of $1·8m. Following today’s announcement, we have made approximately $50m of equity available for container-related investments and repurchases of shares.’