Bohai Leasing quits container sector with $1.8bn sale of Seaco
Deal completion uncertain due to geopolitical tensions and regulatory scrutiny across multiple jurisdictions
Textainer’s acquisition of Seaco boosts fleet to 6.9m teu, nearing Triton’s market share
HEAVILY indebted Bohai Leasing plans to sell its 100% stake in Global Sea Containers (Seaco) to a US company, according to the company’s filing to the Shenzhen Stock Exchange.
Global Sea Containers, a wholly owned subsidiary of Bohai Leasing, is selling its fully controlled container leasing company Seaco to Textainer, which is owned by Stonepeak, a US private equity firm. The transaction is valued at $1.8bn, subject to certain adjustments.
Seaco manages a fleet of 2.4m teu, including dry containers, refrigerated units, tank containers, and specialised containers, supported by more than 360 depots and 23 offices worldwide, according to Stonepeak.
The sale comes as Bohai Leasing struggles under financial distress following the bankruptcy and restructuring of its parent, HNA Group. The company recorded losses from 2020 to 2022, with cumulative losses exceeding Yuan10.9bn ($1.5bn), and its overdue debts reached Yuan1.8bn by the end of 2024. Its latest annual and quarterly reports show a debt-to-asset ratio of 83%.
Once completed, Bohai Leasing will exit the container leasing business and concentrate on its aircraft leasing business. Proceeds will be used to repay high-interest debt and improve liquidity.
The acquisition of Seaco will boost Textainer’s position in the container leasing market, increasing its managed fleet from the current 4.5m teu to about 6.9m teu and narrowing the gap with industry leader Triton.
However, Bohai Leasing has cautioned that the transaction is subject to antitrust approvals from multiple jurisdictions, including China, the EU, Switzerland, South Korea, Taiwan, the US, Australia, Singapore, the UK, and Brazil, and that the completion is far from certain.
This uncertainty highlights broader geopolitical and regulatory headwinds facing cross-border infrastructure deals involving Chinese entities, one such example is the Hutchison Ports deal.
In March, Hong Kong tycoon Li Ka-shing’s proposed $22.8bn sale of Hutchison Ports’ 43 global terminals to a BlackRock-led consortium, including strategic assets in the Panama Canal, stalled amid geopolitical tensions and intensified regulatory scrutiny.
