RailPulse is developing a cloud-based telematics platform in an aim “to accelerate the adoption of GPS and other technologies across the North American railcar network.” Late last month, it outlined a three-phase approach to development, which is slated to be complete in second-quarter 2023.
Trinity Industries on Oct. 3 reported that it will supply a mix of 15,000 newly built tank and freight railcars to GATX through 2028, with GATX having an option to order up to 500 more railcars per year from 2023 to 2028.
GATX’s Trifleet Leasing Holding B.V. appoints Erik Henstra as Managing Director. Also, Bentley Systems names Michael Campbell Chief Product Officer and expands the responsibilities of four executives; and the American Public Transportation Association (APTA) selects new Vice Chair and announces Executive Committee and Board of Directors nominees.
“Despite ongoing macroeconomic uncertainty, the operating environment remains strong across our global railcar leasing markets,” GATX President and CEO Robert C. Lyons said during a report on second-quarter 2022 financials, which included Rail North America fleet utilization of 99.4% and a renewal success rate of 87.7%.
GATX has taken advantage of low interest rates over the past few years to improve its debt profile, which is currently 90% fixed, with an average maturity of 10 years. Meanwhile, spot lease rates are expected to continue their seven-quarter run of sequential growth. This should lead to progressively higher returns for the company, which is now likely to focus on locking into much higher lease terms.
Railinc will develop, maintain and operate RailPulse’s technology platform for monitoring railcar location, condition and health under a 10-year agreement, RailPulse reported on May 31.
Cowen and Company transportation analysts Jason Seidl (Managing Director and Railway Age Wall Street Contributing Editor), Matt Elkott and Elliott Alper recently conducted their first-quarter 2022 rail equipment and shipper surveys. Following are the results, plus insights on The Greenbrier Companies Inc. (GBX), Trinity Industries Inc. (TRN), GATX Corporation, and the Class I railroads, ahead of earnings.
GATX Corp. elevated Paul F. Titterton to President of Rail North America. In addition, Keolis North America (Keolis) promoted Ryan Adams to Executive Vice President; Pacific West, LLC named Peter Touesnard CEO; Surface Transportation Board (STB) Member Michelle Schultz has been designated agency Vice Chair; and Société de transport de Montréal (STM) CEO Luc Tremblay is stepping down.
At GATX, Rail North America’s 2021 “outperformance was driven by improving market conditions,” President and CEO Brian A. Kenney said during the company’s fourth-quarter and full-year 2021 earnings announcement on Jan. 25; in addition to achieving “higher fleet utilization and a higher renewal success rate, we have now experienced six consecutive quarters of sequential increases in absolute lease rates,” he reported.
Brian A. Kenney will retire as GATX Corp. President and CEO on April 22, 2022, the company reported on Dec. 7. The Board of Directors has elected 24-year GATX veteran Robert C. Lyons to succeed him as CEO.