CCCS Consults on the Proposed Acquisition of Global Sea Containers Limited by Typewriter Ascend Ltd

Reference:

CCCS 400-140-2025-004

Notifying Party:

Typewriter Ascend Ltd and Global Sea Containers Limited

Notifying Date:

15 July 2025

Summary of Transaction: 

a.     the names of the merger parties;

The merger parties in this transaction are Typewriter Ascend Ltd (“TAL”); and Global Sea Containers Limited (“Seaco”), (collectively, the “Parties”).

b.     a description of the transaction;

The notification relates to the proposed acquisition by TAL of the entire issued and outstanding shares of Seaco from Bohai Leasing Co., Ltd (“Bohai”) (the “Proposed Transaction”).

c.     a description of the business activities of the merger parties worldwide and in Singapore;

TAL

TAL is a special purpose vehicle indirectly solely controlled by investment funds managed and/or controlled by Stonepeak Partners LP (“Stonepeak”). Stonepeak is a global alternative investment firm specialising in infrastructure and real assets, headquartered in New York. Stonepeak operates in the market for the sale and lease of intermodal containers through Textainer Group Holdings Limited (“Textainer”), a Bermuda-based entity that is indirectly and solely controlled by funds and investment vehicles advised and/or managed by affiliates of Stonepeak. Textainer offers these services globally, including to customers in Singapore. 

Seaco

Seaco is an international container leasing and sales company specialising in intermodal containers for a variety of industries. Seaco offers these services globally, including to customers in Singapore.

d.     a description of the overlapping goods or services, including brand names;

Textainer and Seaco overlap in the sale and lease of intermodal containers, which includes dry boxes, reefers and specials. 

e.     a description of substitute goods or services from demand-side and supply-side considerations;

In relation to the sale and lease of intermodal containers, similar services offered by the competitors of the Parties would be considered close substitutes from both a demand-side and supply-side perspective. The Parties also face equally strong competitive constraints from container sales by manufacturers as customers can elect to purchase containers directly from a manufacturer. 

f.     the applicant’s views on:

i.     definition of the relevant market(s);

The Parties consider that the relevant market for the purposes of this notification is the overall supply of intermodal containers globally. 

     ii.     the way in which competition functions in this market;

In the market for the supply of intermodal containers, container lessors and manufacturers compete on the basis of price and container availability. In addition to constraints posed by strong competitors, the Parties also face equally strong competitive constraints from container sales by manufacturers. Customers can elect to either purchase containers directly from a manufacturer or lease from a lessor. Often, price is the primary consideration in making this choice. 

     iii.     barriers to entry and countervailing buyer power; and

No significant barriers to entry or expansion

The Parties submit that there are no significant barriers to entry in the market for the supply of intermodal containers in Singapore. Entry into the container sale and leasing space is not heavily constrained or subject to significant structural barriers, aside from the need for some upfront capital. Further, intermodal containers are readily available from a wide range of established manufacturers and new entrants can procure equipment on commercially standard terms.

Strong countervailing buyer power

The Parties submit that customers of the Parties have strong countervailing buyer power, given that the customer base of both Parties is highly sophisticated and procures containers through competitive bidding processes. 

     iv.     the competitive effects of the merger (non-coordinated, coordinated and/or vertical effects, as relevant).

Coordinated effects

The Proposed Transaction will not give rise to any coordinated effects for the supply of intermodal containers in view of the following: (a) large number of competitors; (b) buyers have significant buying power and typically procure containers through competitive bidding processes; and (c) the low barriers to entry.

Non-coordinated effects

The Proposed Transaction would not give rise to any non-coordinated effects for the supply of intermodal containers, due to the following:

(a)      there are numerous strong competitors;

(b)      the bidding nature of the industry ensures competition;

(c)       ease of switching; and

(d)      the absence of material barriers to entry or expansion.

Vertical and conglomerate effects

The Proposed Transaction would not give rise to any vertical effects, as there is no existing vertical relationship between Textainer and Seaco. 

The Parties submit that no competition concerns arising from conglomerate effects would arise from the Proposed Transaction. The Parties do not gain any capabilities to supply containers arising from the Proposed Transaction which they do not respectively have prior to the Proposed Transaction.

Decision:

19 August 2025

Following its assessment of the Parties’ submissions and third party feedback, CCCS has concluded that the Proposed Transaction is unlikely to substantially lessen competition in Singapore in relation to the supply of intermodal containers.

Read the media release.

Read the Grounds of Decision.