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Triton profits ‘well protected’ by strong lease portfolio

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DHT Holdings, the oil tanker company, has posted a first quarter net profit of $38 million (File photograph)

Bermudian-based Triton International Limited, the world's largest lessor of intermodal freight containers, has reported net income attributable to common shareholders for the first quarter of 2023 of $136.8 million.

That is a decrease of 12.2 per cent from the prior year quarter and a decrease of 6.5 per cent from the fourth quarter of 2022.

Utilisation averaged 97.6 per cent in the quarter.

"Triton delivered solid results in the first quarter of 2023," said Brian M Sondey, Triton CEO.

"We generated $2.42 of adjusted net income per share and an annualised return on equity of 22.5 per cent.

“While market conditions remain slow, our revenues and profitability are well protected by our strong long-term lease portfolio.”


Textainer Group Holdings Limited, the Bermudian-based company that is one of the world’s largest lessors of intermodal containers, has reported net income of $53.6 million for the first quarter of the year.

That compares to $61.9 million for the fourth quarter of 2022.

The average and current utilisation rate for the first quarter was 98.8 per cent.

Textainer’s board of directors approved and declared a $0.30 per common share cash dividend, payable on June 15 to holders of record as of June 2.


Valaris Limited, the offshore drilling company based in Bermuda, has reported net income in the first quarter of $49 million, up from $31 million in the fourth quarter of 2022.

Revenues decreased to $430 million from $434 million, primarily due to lower utilisation for the harsh environment jack-up fleet, partially offset by a higher average day rate for the floater fleet.

Total liquidity was up, and capital expenditures increased to $56 million from $54 million in the fourth quarter 2022.

President and CEO Anton Dibowitz said: “In the first quarter, we achieved strong revenue efficiency of 99 per cent and won new contracts and extensions with associated contract backlog of approximately $820 million, including a three-year contract offshore Brazil for which we will reactivate drill ship Valaris DS-8.”


Higher tanker rates have helped DHT Holdings Inc, the Bermudian-based crude oil tanker company, to post a net profit in the first quarter of $38 million, better than the $17.3 million loss in Q1 in 2022.

The company reported shipping revenues for the quarter of $131.5 million compared to shipping revenues of $76.4 million in the prior year quarter.

The increase includes $66.9 million attributable to higher tanker rates partially offset by $11.8 million attributable to a decrease in total revenue days.

The company achieved average combined time charter equivalent earnings of $49,100 per day, comprised of $35,000 per day for the company’s very large crude carriers on time-charter and $54,600 per day for VLCCs operating in the spot market.

The company declared its 53rd consecutive quarterly cash dividend.

Brian M Sondey, chief executive officer of Triton (File photograph)
Valaris president and chief executive officer Anton Dibowitz (File photograph)

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Published May 09, 2023 at 7:27 am (Updated May 09, 2023 at 7:27 am)

Triton profits ‘well protected’ by strong lease portfolio

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