Bermudian-based Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers, has reported net income of $78.6 million for the second quarter.

That compares with $72.7 million for the first quarter of 2022.

The average and ending utilisation rate for the second quarter was 99.6 per cent and 99.5 per cent, respectively.

The company added $230 million of new containers during the second quarter, for a total of $727 million through the first half of 2022, primarily assigned to long-term finance leases.

Olivier Ghesquiere, president and chief executive officer, said: “We are very pleased with our exceptional results during the second quarter, where we earned record adjusted net income and EPS, driven by revenue growth, strong gain on sales and continued disciplined expense management.

“For the second quarter of 2022, we achieved lease rental income of $203 million, which was 8 per cent higher than in the same quarter last year.

“Adjusted EBITDA was $191 million, and adjusted net income was $79 million, or $1.63 per diluted share, representing an ROE of 20 per cent.

“Our performance demonstrates the resilience of our business model in the current environment, as we benefit from our long-term lease contracts and capitalise on the supply deficit within the resale market to dispose of older containers at a substantial profit.”

He added: “Congestion continues to remain the central focus of global container shipping with an estimated 12 per cent to 14 per cent of total ship capacity currently tied up as a result of logistical bottle necks, labour shortages, and Covid-19 disruptions.

“In this environment however, shipping lines have reduced their intake of new containers and are holding on to existing units as they now operate with sufficient inventories. We have only seen a small increase in redeliveries of mostly old sales age containers, which have helped us achieve record gain on sales of $23 million for the quarter.

“As we look out to the coming months, we are well-positioned to navigate short- and medium-term market fluctuations as our contracted revenue and profits are well protected due to our long-term fixed-rate lease contracts and fixed-rate debt and hedging policy.

“We see a continuation of current congestion trends, with likely additional disruptions in the world of shipping.”