[ GNESTAR AND SEA CONTAINERS JOIN IICL ]

Greer Arthur, Presedent of the Institute of International Container Le
ssors (IICL), announced today that Genstar and Sea Containers will rej
oin IICL. Mr. Arthur said, “The addition of Genstar and Sea Container
s to the existing IICL membership, along with the recent desion by XTR
A to join IICL means that owners of 95% of leasing company containers
will be represented in IICL. This is an all-time Institute high.” The
announcement coincides with a recent IICL initiative to develop a wor
king partnership with the top ocean carriers in the world to reduce th
e very high costs of container interchange and repair that now exist t
hroughout the industry. The new member of IICL made it very clear that
they wish to join with the rest of the industry and the ocean carrier
s in supporting this initiative.
Mr. Arthur, who is also CEO of Trans Ocean Ltd, and is stepping down a
s presedent of IICL in the normal rotation of office, said “This has
been a very rewarding year to have had this responsibility. We have se
en membership go from an all time low of 55% of the industry back up t
o over 95%. We are encouraged by our customers’ enthusiastic response
to our cost reduction initiatives. I am sure that my able successor,
Paul Capodanno, will do an outstanding job of maintaining the momentum
that has been achieved this past year.”