Monday, June 04, 2012

CIT announces orders for 3,500 railcars

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CIT Group Monday announced that railcar lessor CIT Rail has ordered 3,500 railcars from multiple manufacturers with deliveries scheduled throughout 2012 and 2013.

The orders "are for various tank car models that support the transportation of products across the oil/gas sector, which is experiencing increased production due to expanded exploration and drilling, as well as for covered hopper cars that support the expanding North American plastic resin industry, which is benefiting from low natural gas prices," CIT said.

"It is important that rail carriers and shippers have access to modern, high-capacity equipment that maximizes their loading efficiencies while transporting goods," said George Cashman, president of CIT Rail. "With one of the youngest fleets among major North American leasing companies, CIT Rail is committed to meeting this need. These new car orders reinforce that commitment and enable growth in the rail transportation sector."

Including these orders, since 2011 CIT Rail has invested nearly $1.5 billion in tank and covered hopper railcars, the company said.