TransContainer might buy 2,000 flatcars in 2013
MOSCOW. April 29 (Interfax) - TransContainer, a major Russian container shipper, is planning to buy 1,500 80-foot and 500 40-foot flatcars in 2013, but might scale down plans for purchasing 80-foot flatcars if the market situation turns out to be worse than expected.
"Everything depends on the market growth factored into the forecast. If there will be zero market growth, no one is going to be buying 1,500 80-foot flatcars. The purchase of 1,500 80-foot and 500 40-foot flatcars was based on 7% growth," the company's investor relations director, Andrei Zhemchugov said in a conference call with analysts on Friday.
"We as a company do not set any targets for ourselves for capex, as it will be determined exclusively by how the market will develop," Zhemchugov said. The proportion of acquisitions will remain about the same in the next few years, he said, adding that prices for rolling stock are gradually dropping. They have fallen below 2 million rubles per car.
Zhemchugov said that the company adjusted its target for fleet structure back in the middle of 2012, raising the proportion of 40-foot flatcars from 30% to 35%. The previous target structure was approved before the crisis in 2009 and was set with an emphasis on imports. However, after the crisis exports grew at a fairly strong rate, so the company decided to buy 40-foot cars to carry heavy freight such as aluminum, pulp and paper.
TransContainer operates or manages more than 25,000 flatcars and around 62,000 heavy container cars, as well as a network of terminals in Russia (at 46 stations) and in Slovakia. It also owns 67% of KedenTransService, a terminal operator in Kazakhstan. Russian Railways (RZD) owns 50% plus two shares in TransContainer, the Fesco transport group 23.7%, the European Bank for Reconstruction and Development (EBRD) 9.25%, and pension fund Blagosostoyanie 6.3%.
