Triton International Limited, the world’s largest lessor of intermodal freight containers, made adjusted net income of $79.8 million, or 99 cents per share, in the first quarter.

That is up on the $35.4 million, or 48 cents per share, achieved in the same period in 2017. Total leasing revenues for the first three months of the year were $315.1 million, up from $313.9 million in the final quarter of 2017, and almost $50 million higher than the same period a year ago.

Brian Sondey, chief executive officer of the Bermudian-based company, said the results were supported by favourable market conditions.

He said the improved results were “particularly impressive given our first quarter typically represents a seasonally slow quarter and has the fewest number of revenue days. We are off to a great start to the year, and look forward to carrying the momentum forward as we head towards the peak shipping season.”

Mr Sondey said container pick-up and deal activity was “solid” in the quarter despite the seasonality, while container drop-offs remained exceptionally low.”

The company’s average container utilisation for the first quarter was 98.6 per cent.

“New container prices held firm in the quarter, while used container sale prices increased, reflecting very low inventories of sale containers. We also benefited from a reduction in our average tax rate during the quarter as a result of corporate tax legislation enacted at the end of last year. We expect our average tax rate will remain in the 10 to 12 per cent range for the full year.”

Mr Sondey added that Triton had purchased more than $850 million of containers for delivery this year, putting it “on track for another year of successful investment and growth”.

Triton’s return on equity for the first quarter was 15.4 per cent.

Regarding the outlook for the year, Mr Sondey expects market conditions to remain favourable.

He said: “Trade growth is anticipated to remain positive, and many of our customers continue to rely heavily on leasing for new container additions to their fleets.

“The inventory of new containers has increased in the run up to the peak shipping season, but the availability of used leasing containers is exceptionally low, which has kept the overall supply and demand balance for containers favourable. Overall, we expect adjusted net income to increase gradually throughout 2018.”

Disclosure: the writer owns shares in this company