[ 1998 IICL LEASED CONTAINER SURVEY SECOND REPORT ]

IICL(Institute of International Container Lessors) has released its Se
cond Report on the 1998 Annual Leased.
Container and Chassis Fleet Survey. Focusing on specials, the Sicond R
eport showed that major lessors’ specials numbered 1,123,847TEU on Ja
nuary 1, 1998, an increase of 233,723 or 26.26% over the 890,124 repor
ted last year. The 26.26% inacrease was twice as great as the precedin
g year’s 13.83%.
The January 1998 figure of 1,123,847 TEU represented 23.36% of the maj
ors’ total container fleet. The comparable figure in January 1997 was
20.42%, in January 1996 it was 18.72% and in January 1995 it stood at
16.98%. The increase, however, was confined primarily to high cube dr
y vans, which enjoyde an enomous spurt. High cube dry vans incresed by
202,664, or over 85%, of the total 233,723 TEU increase for 1997. Com
ment has been made that high cubes are not really specials anymore. If
that view is taken, specials did not increase by much in 1997. in fac
t, the rate of increase was less than that for the rest of the fleet.
The majors’ leasing fleet as a whole increased at a rate of approxima
tely 9.3%. Absent the increase in high cobe drys, majors’ specials in
creased only 7.2% or substantially more slowly than the rest of the fl
eet. If high cobe drys are eliminated for preceding years, the percent
ages of increase in majors’ specials show a quite uneven pattern. The
increases were 739% in 1996, 16.3% in 1995, 5.3% in 1994 and 14.35% i
n 1993.
The 1997 slowdown in specials is further borne out by review of figure
s for individual types of containers. Percentage increases dropped for
tanks, reefers and open tops. In fact, reefers(as distinct from high
cube reefers)dropped even in absolute terms, and tarms, and tanks and
open tops lost their double digit rates of increase. Aside from high c
ube drys, large percentage increases were experienced only in categori
es where absolute numbers were very small: dry bulk, cellular pallet w
ide and “othe” flat racks. One category to watch in future years, ho
wever, is the cellular pallet container wide group, which jumped from
2,850 on January 1, 1997 to 10,356 on January 1, 1998, a 263.37% incre
ase.

The january 1996-1998 figures show the following for majors’ fleets.

January January 1997-1998 January 1996-1997
1998 1997 Percent 1996 Percent
TEU TEU Increase TEU Increase
(Decrease) (Decrease)

Tanks 19,259 17,576 9.58% 14,432 13.89%
Reefers 119,835 122,796 (2.41) 122,222 0.47
High Cube Dry 661,156 458,552 44.18 381,977 20.05
Open Tops & Sides 127,092 120,138 5.79 112,018 7.25

Platform Flats 9,200 8,002 14.97 11,625
Collapsible Flats 67,860 62,457 8.65 12.20
Other Flat Racks 1,770 1,007 75.77 52,067
Dry Bulk 1,340 1,000 34.00 1,519 (34.17)

Ventilated 9,867 10,400 (5.40)
Cellular Pallet Wide 10,356 2,850 263.37
Other 1,500 1,400 7.14 16,305

Total 1,123,847 890,124 26.26% 781,995 13.83%

The figures referring to industry majors include IICL members(as of Ja
nuary 1,1998), CAI, Carlisle, Cronos, Flexi-Van, Florens, Interpool, S
ea Containers, Textainer, Transamerica, Triton, XTRA International and
, in addition, Genstar(whose fleet is now part of that of IICL memver
GE SeaCo)and two new entrants to the industry, Capital and Gateway.
Comparison of the January 1998 specials fleets with 1997 shows where t
he 1997 increases took place. Including dry van high cubes, the percen
tage of specials in the majors’ fleets ordinary reefers, open tops, c
ollapsible flats and ventilated containers.

January 1998 January 1997
1998 Percent of 1997 Percent of
Majors Majors’ Majors Majors’
TEU TEU

Tanks 19,259 TEU 0.40% 17,576 TEU 0.40%

Reefers 119,835 TEU 2.50 122,796 TEU 2.82
47,679 20’s 52,370 20’s
36,078 40’s 35,214 40’s

High Cube Reefers 94,612 TEU 1.97 83,952 TEU 1.93
47,306 40’s 35,214 40’s

High Cube Dry 661,156 TEU 13.74 458,552 TEU 10.52
83 20’s 370 20’s
327,441 40’s 228,022 40’s
1,685 45’s 950 45’s
1,000 48’s

Open Tops & 127,092 TEU 2.64 120,138 TEU 2.76
Open Side 39,470 20’s 43,052 20’s
43,811 40’s 38,543 40’s

Platform Flats 9,200 TEU 0.19 8,002 TEU 0.18
4,752 20’s 3,200 20’s
2,224 40’s 2,401 40’s

Collapsible Flats 67,860 TEU 1.41% 62,457 TEU 1.43%
12,680 20’s 12,325 20’s
27,590 40’s 25,063 40’s

Other Flats 1,770 TEU 0.04 1,007 TEU 0.02
618 20’s 573 20’s
576 40’s 217 40’s

Dry Bulk 1,340 TEU 0.03 1,000 TEU 0.02
1,091 20’s
150 30’s
10 48’s

Ventilated 9,867 TEU 0.21 10,400 TEU 0.24

Cellular Pallet Wide 10,356 TEU 0.22 2,850 TEU 0.07
2,314 20’s 850 20’s
4,021 40’s 1,000 40’s

Other 1,500 TEU 0.03 1,400 TEU 0.03

Total 1,123,847 TEU 23.36% 890,124 TEU 20.42%