Interpool in turmoil

The Ontario Teachers’ Pension Plan has signed an agreement to acquire 100% of the shares of SeaCube Container Leasing for around US$467M.

With effect from November 1, Carlisle Leasing International and Interpool have been formally merged and rebranded as Seacastle Container Leasing.

The recent round of consolidation in the container leasing industry that has seen Interpool and Carlisle Leasing merged under the Seacastle Container Leasing banner and the 540,000 TEU Capital Lease fleet placed under management with Textainer would appear to have opened the door for new players to enter the market.

Seacastle Inc, the new company formed by Fortress Investment Group following its acquisition of Carlisle Leasing and Interpool, has filed an initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

The world’s container leasing industry is confronting a changed market climate as returns come under pressure like never before and increased ownership is lost to shipping lines.

In a surprise move, container and chassis lessor Interpool has announced that it has entered into a definitive agreement “to be acquired by certain private equity funds managed by affiliates of Fortress Investment Group LLC pursuant to a merger in which all Interpool stockholders would receive US$27.10 in cash for each share of Interpool common stock that they hold.”