Outstanding finish to Triton’s extraordinary year
Triton International Limited, the world’s largest lessor of intermodal freight containers, has reported net income attributable to common shareholders of $484.5 million for the 2021 fiscal year.
The Bermudian-based company said that the figure included $127.9 million of make-whole premium and other debt termination costs in the second and third quarters primarily related to the prepayment of $1.5 billion of senior secured institutional notes.
That result compares with net income of $288.4 million in fiscal year 2020.
Net income attributable to common shareholders for the fourth quarter of 2021 was $177.4 million, compared with $115.2 million in the prior year fourth quarter.
Triton purchased $3.6 billion worth of new containers delivered in 2021, driving over 30 per cent in asset growth, the company said.
As of February 11, Triton has ordered approximately $415 million of containers for delivery in 2022.
Triton has a container fleet of 7.3 million 20-foot equivalent units.
Brian M. Sondey, chief executive officer of Triton, said: "Triton achieved another record quarter of financial performance in the fourth quarter of 2021, providing an outstanding finish to an extraordinary year.
"Triton's exceptional performance in 2021 was supported by very favourable market conditions. A strong increase in goods consumption, particularly in the United States, drove a high level of trade growth, while widespread logistical bottlenecks slowed container turn-times, leading to incremental demand for containers.
“Limited vessel capacity contributed to a dramatic increase in freight rates, and kept our customers highly focused on container availability. Container supply struggled to catch up to demand for most of the year despite a significant increase in new container production, leading to record prices for new containers and very high market leasing rates."
Mr Sondey added: "We expect to have another outstanding year in 2022. We are carrying a significant amount of operational and financial momentum, we have made durable enhancements to our business and our strong cashflow provides many levers to drive shareholder value."
Triton’s board of directors has declared a $0.65 per share quarterly cash dividend on its issued and outstanding common shares, payable on March 25 to shareholders of record at the close of business on March 11.