Hub Group said it would buy 2,000 intermodal containers from a subsidiary of Singamas Container Holdings , 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 and Norfolk Southern rail networks, according to its latest annual report.
It also uses containers owned by these railroads, and trailers to arrange movement of freight. (Reuters)