Bermudian-based Triton International Ltd, the world’s largest lessor of intermodal freight containers, has reported net income attributable to common shareholders for the three months ended March 31 of $129.3 million, or $1.92 per diluted share.

Adjusted net income was $128.7 million, or $1.91 per share, an increase of 105.4 per cent from the first quarter of 2020 and 12.4 per cent from the fourth quarter of 2020.

Trade volumes and container demand were exceptionally strong in the first quarter, the company said.

Utilisation increased 0.4 per cent during the quarter to reach 99.3 per cent as of March 31. Utilisation was 99.4 per cent as of April 23.

As of April 23, Triton has purchased $2.6 billion of new containers for delivery in 2021, most of which have already been committed to high value, long duration leases, the company said.

Triton said its corporate credit rating was upgraded to BBB- by S&P Global Ratings on March 30.

The company completed an inaugural $600 million 2.05 per cent senior secured investment grade bond offering on April 15.

Triton’s board of directors announced a quarterly dividend of 57 cents per common share payable on June 24 to shareholders of record as of June 10.

Brian M Sondey, chief executive officer of Triton, said: "Triton achieved outstanding results in the first quarter of 2021. We generated $1.91 of adjusted earnings per share in the first quarter, an increase of more than 100 per cent from the first quarter of 2020 and an increase of 12.4 per cent from the fourth quarter of 2020. We also achieved an annualised return on equity of 25 per cent.

"Triton continues to benefit from very favourable market conditions. Trade volumes remain strong due to a shift in consumer spending from services and experiences to goods, and demand for containers has been boosted further by a variety of logistical challenges that have slowed the global movement of containers.”

He added: "Triton is investing heavily in new containers to help our customers manage the strong increase in trade volumes. Our customers generally did not anticipate the rapid growth in trade that began in the second half of 2020, and all major shipping lines have needed to add significant numbers of containers.

“Shipping lines have been primarily relying on the leasing market to fulfil their container requirements, and Triton has secured a meaningful share of leasing transactions due to our industry-leading supply capability and our strong reputation for reliability.

"Looking ahead, we have significant operational and financial momentum, and we expect to achieve outstanding profitability throughout 2021.