Triton Outlook and Market Fundamentals
Durable Business Enhancements
~50% Growth in
REA per share in
last 2 years
Extended Lease
Durations
Steep Drop in
Financing Cost
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Triton purchased $4.9 billion of containers since Q3'20
Locked-in multi-year benefit with long duration, high IRR leases
Further secures scale advantages and position as "go-to" supplier
Reduced share count by ~14% in 2022
12.5 year average lease duration for 2021-2022 containers
Almost 60% of containers on life-cycle lease
Average remaining lease duration now 6.3 years based on net book value
(7.3 years including typical build down period)
Refinanced >$10 billion of long-term debt in 2020 and 2021
Locked in low financing cost through focus on long-term fixed-rate debt
88% of debt fixed or hedged; locks-in substantial expansion of leasing margin
Investment
Grade Rating
Transformed
Customer Credit
Profiles
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TRITON
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Corporate debt ratings upgraded to BBB- by Fitch and S&P in October 2021
Transitioned debt structure to primarily unsecured investment grade financing
Providing financing cost and efficiency advantages
Shipping lines generated extraordinarily high profitability in the last two years
Many shipping lines in net cash position
Should lead to benign credit environment for many years even with
normalization in freight rates
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