Monday , 26 August 2019
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GE SeaCo Australia Pty Ltd, a subsidiary of leasing company GE SeaCo SRL, has agreed to sell its domestic container leasing assets in Australia to Royal Wolf Australia and to SCF Containers, two of the continent’s leading container suppliers.

GE SEACO exits Australian domestic leasing market

GE SeaCo has decided to exit the Australian domestic business, after some 25 years, to concentrate efforts and resources in the international market where it is one of the top four leasing companies worldwide.

Angus Frew, chief executive of GE SeaCo said: “We took the view that the domestic market was competitive and well serviced in Australia and that our core focus should remain on the international market. The impact on our business as a whole will be negligible, as the Australian domestic business represents less than 1% of our total fleet and we still retain our agency business in Australia to service our international customers”.

Royal Wolf has purchased a fleet of more than 6,300 units, including a range of palletwide, standard intermodal and refrigerated containers for an amount of AUD$20m (US$18.4m). The containers will continue to be leased to current customers and some GE SeaCo’s employees may be offered positions with Royal Wolf.

SCF Containers has acquired GE SeaCo’s 206 strong domestic tank container fleet, and will continue to service the existing customer contracts and further develop relationships with these customers into the future.