GE SeaCo sells Australian container assets
Container leasing firm GE SeaCo today completed the sale of its Australian domestic container leasing assets to Royal Wolf Australia and SCF Containers.
Royal Wolf has bought a fleet of more than 6,300 units, including a range of pallet-wide, standard intermodal and refrigerated containers for AUD$20 million ($18.4 million). The containers will continue to be leased to current customers and some GE SeaCo's employees in Australia may be offered positions with Royal Wolf.
SCF Containers has acquired GE SeaCo's 206-strong domestic tank container fleet for an undisclosed amount.
Barbados registered GE SeaCo, which has been in the Australian domestic business for nearly a quarter of a century, said it will now concentrate it efforts and resources in the international market where it is one of the top four leasing companies worldwide.
Angus Frew, chief executive of GE SeaCo, said: 'We took the view that the domestic market was competitive and well serviced in Australia and that our core focus should remain on the international market. The impact on our business as a whole will be negligible, as the Australian domestic business represents less than 1 percent of our total fleet, and we still retain our agency business in Australia to service our international customers.”
(Read more about GE SeaCo in the September American Shipper, pages 72-74 www.americanshipper.com/paid/SEP07/GESeaCo.asp .)