Bermudian-based Triton International Limited, the world’s largest lessor of intermodal freight containers, has reported net income attributable to common shareholders for the second quarter of $184.6 million.

That compares with net income of $181.2 million in the first quarter of the year, and $54.7 million in the second quarter of 2021.

The company said container utilisation remains exceptionally high at an average of 99.4 per cent in the second quarter.

Brian Sondey, chief executive officer of Triton, said: "Triton achieved another record quarter of profitability in the second quarter of 2022.

“Triton generated $2.92 of adjusted net income per share, an increase of 5.8 per cent from the first quarter of 2022 and an increase of 36.4 per cent from the second quarter of 2021. In addition, Triton achieved an annualised adjusted return on equity of 29.8 per cent."

He added: "Triton’s outstanding profitability reflects durable enhancements made to our business as well as generally constructive market conditions. Our utilisation remains well above 99 per cent, reflecting the large portion of our container fleet on long-term lease and low drop off volumes.

“New container prices have decreased from their peak level reached last year, but remain historically high, with factories quoting in the $2,600 range for a 20' dry container, providing strong support for lease rates and disposal prices. We have also locked in low long-term interest rates through our extensive refinancing activity in 2020 and 2021."

Triton’s board of directors has declared a quarterly cash dividend of $0.65 per common share, payable on September 22 to shareholders of record at the close of business on September 8.