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UPDATE 1-Hub Group to buy 2,000 intermodal containers
April 13, 2010 / 10:12 PM / 7 years ago

UPDATE 1-Hub Group to buy 2,000 intermodal containers

* Sees acquisition costs of $19.2 mln

* To take delivery of containers starting May

April 13 (Reuters) - Hub Group (HUBG.O) said it would buy 2,000 intermodal containers from a subsidiary of Singamas Container Holdings (0716.HK), in a sign that the freight market is picking up.

The transportation company expects acquisition costs of the 53-foot containers to be about $19.2 million, it said in a filing.

It expects to take delivery of the equipment starting in May.

Singamas is a container manufacturer and a major operator of container depots and terminals in the Asian-Pacific region.

Hub Group owns a total of 6,225 53-foot containers for use on the Union Pacific (UNP.N) and Norfolk Southern (NSC.N) rail networks, according to its latest annual report.

It also uses containers owned by these railroads, and trailers to arrange movement of freight. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Unnikrishnan Nair) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))

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