Mitsui entered into the rolling stock leasing market by establishing MRC, and has expanded its business to Europe, Brazil, and Russia. MRC currently leases approximately 8,300 railcars valued at around $400 million for railroads, electric utilities, and mining companies. With the participation of JAML and Norinchukin, MRC’s plan is to double its business size.
“Mitsui, with the participation of JAML and Norinchukin, will continue to improve MRC’s corporate value through business scale expansion and railcar portfolio improvement, and consequently contribute to the further development and enhanced efficiency of the logistics platform in the North America region,” the company said. “In North America, rail transportation serves as a fundamental infrastructure for middle or long-haul distance that bolsters the economy. Rail transportation volume is increasing steadily, in tandem with truck transportation, which has competitiveness within short or middle-haul distance, while both means of transportation complement each other. Furthermore, today, rail transportation plays an increasingly more significant role as the demand from shale gas and oil-related industries grows. Given such robust demand for rail transportation, the railcar leasing business in North America is expected to continue to grow.”
“We are pleased and excited with the entrance of our new partners J. A. Mitsui Leasing and Norinchukin Bank into the railcar leasing market in North America,” said MRC President Dan Penovich. “Through their participation in our business, MRC will expand on the strategy of providing modern, highly optimized railcars to shippers and railroads in North America.”