美國商業運輸租賃預期Performence of US commercial transport leasing in 2018
2018-01-25 11:27:58   來源：   評論：0 點擊：

惠譽國際評級報告顯示，盡管存在廣泛的行業難題，美國商用車隊和卡車租賃行業2018年有望表現良好。

惠譽評級表示，其五名評級出租人展現出積極特質，包括穩健的特許經營權和低損之下優異的資產質量表現。

惠譽評級總監Johann Juan表示，雖然二手車價值在未來幾個月仍有持續下行壓力，不過由于出租人會繼續產生約滿處置收益，影響收益的潛在影響仍會得到部分緩解。8類卡車的市場壓力依然存在，貨運市場供大于求的負面因素導致了去年北美地區約125％的產能過剩。由于運輸公司在過去兩年中貨運量減少，卡車租賃商已經發覺商用卡車和拖拉機租賃的需求在減弱。

Johann Juan表示：“卡車出租者正在削減租賃拖拉機的產能，并在批發渠道以較低的價格進行處理，以減少多余船隊的運輸成本�！迸c大型設備租賃公司相比，對于卡車出租人而言行業較短的周期屬性是有益的，因為他們更關注基本服務，并從更短的訂單交付周期中受益。美國的車隊出租人也較少受到二手車價值波動的影響，因為租約傳統而言是開放式的，產生的剩余價值風險由承租人來承擔。

The commercial fleet and truck leasing sectors in the US are likely to perform well in 2018, despite some broader sector obstacles, according to a report from Fitch Ratings.

Fitch says its five rated lessors were demonstrating positive attributes including solid franchises and strong asset quality performance against low losses.

Although falling used vehicle values will continue to pressure earnings over the next several months, Fitch director Johann Juan said: “Still, any potential impact on earnings will be partially mitigated as lessors continue to generate end-of-contract disposal gains due to well-managed exposure to residual value risk.”Pressures continue in the market for Class 8 trucks, where there is a substantial glut.Negative supply and demand dynamics in the freight market contributed to overcapacity of roughly 125% above demand in North America last year.

Truck lessors have seen demand for commercial trucks and tractor rentals weaken due to transportation companies moving less freight tonnage over the past two years.

Juan said: “Truck lessors are trimming rental tractor capacity and disposing of units at lower prices in the wholesale channel in an effort to reduce the carrying costs of excess fleet.”What will help matters for truck lessors is the sector's less cyclical nature compared to its large equipment lessor counterparts, since they focus more on essential services and benefit from a shorter order-to-delivery cycle.Fleet lessors in the US are also less exposed to fluctuations in used vehicle values as leases are traditionally open-ended, where residual value risk is borne by the lessees.

（資料來源：國際資產金融）