Under the terms of the agreement, Trinity will deliver 6,000 tank cars at a rate of 1,200 cars each year from 2024 through 2028. The remaining 9,000 cars, which can be a mix of freight and tank cars, will be ordered at a rate of 1,500 cars per order year from 2023 to 2028 and delivered under a schedule to be determined.
“This multi-year railcar order with GATX represents the extension of a strong partnership. We are proud of the relationship we have built with GATX and pleased that they have once again selected Trinity Rail as the premier North American railcar manufacturer,” Jean Savage, Trinity’s Chief Executive Officer said.
At the end of 2023 the supply agreements of GATX railcar fleet will expire, and this agreement will enable the company to continue its work serving its clients. “We expect this order will cover our base fleet reinvestment needs in North America through 2028, and we will continue to pursue additional attractive investment opportunities in the new and secondary railcar markets,” Robert Lyons, Chief Executive Officer of GATX said.
In 2021, USD 9.5 billion was the value of GATX assets, owing a railcar fleet comprising 147,000 vehicles worldwide. In North America, in 2021 the company leased 114,500 railcars recording USD 2.2 billion contractual lease receipts. GATX Rail Europe has a leased fleet of 27,100 tank car and freight cars, while the subsidiary in India leased 4,800 railcars, becoming the largest private railcar lessor in India.
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