CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE:GMT) today announced that it completed a new 50/50 joint venture with I.M. Skaugen ASA for the co-ownership of four 10,000 cubic meter, “multigas” vessels. The innovative design of these multigas vessels provides the flexibility to transport liquefied natural gas (LNG) in addition to ethylene and liquefied petroleum gas (LPG).
Brian A. Kenney, president and CEO of GATX Corporation said, “Our investment in these vessels provides an opportunity to expand our relationship with I.M. Skaugen and to advance our strategy of acquiring assets at an advantaged price.”
GATX and I.M. Skaugen formed an initial partnership in 2000, for the co-ownership of six LPG/ethylene carriers which delivered in 2002 and 2003.
GATX Corporation (NYSE:GMT) provides lease financing and related services to customers operating rail, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, Illinois since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company’s website at www.gatx.com.
I.M. Skaugen ASA (IMSK) is a marine transport service company engaged in the transportation of petrochemical gases and LPG, ship-to-ship transfer of crude oil and LNG, as well as the design and construction of smaller, specialized marine vessels. IMSK, founded in 1916, currently operates 45 vessels worldwide and is listed on the Oslo Stock Exchange. For more information, visit IMSK’s website at www.skaugen.com.
Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.