Company: TRTN-PA
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001660734-25-000034
Chunk: 36

Company: Triton International Ltd
Filing Date: 2025-11-06
Form: 6-K
Chunk 36
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 % |
| Equipment trading fleet |     |                                       |   1.2 |   |     |                                     |   0.9 |   |
| Total                   |     |                                       | 100.0 | % |     |                                     | 100.0 | % |

(1) Owned and managed equipment is included in the table above.

TEU and CEU are standard industry measures of fleet size and are used to measure the quantity of containers that make up our revenue earning assets. CEU is a ratio used to convert the actual number of containers in our fleet to a figure based on an estimate for the historical average relative purchase prices of our various equipment types to that of a 20-foot dry container. For example, the CEU ratio for a 40-foot high cube dry container is 1.70, and a 40-foot high cube refrigerated container is 7.50. These factors may differ slightly from CEU ratios used by others in the industry.

#### Operating Performance
Our operating and financial performance remained robust in the third quarter of 2025, despite challenging market conditions. Industry container volumes reached record levels during this period, driven by peak season demand and tariff induced front-loading of U.S. imports. However, leasing activity was limited due to overcapacity in the global shipping container fleet, resulting from the build-up of container fleets during 2024 to address logistical disruptions, supply chain inefficiencies caused by the Red Sea crisis and low container prices. Consequently, utilization declined further in the third quarter, and disposal volumes and prices are beginning to come under pressure.

Our average utilization decreased in the third quarter of 2025 compared to the second quarter of 2025 due to an increase in container drop-off activity, but remained at a relatively high level. Average utilization for the third quarter of 2025, second quarter of 2025 and third quarter of 2024 was 97.9%, 98.4% and 99.0% respectively, and ending utilization for the same periods was 97.6%, 98.1% and 98.9%, respectively. Utilization is computed by dividing our total units on lease (in CEU) by the total units in our fleet (in CEU), excluding new units not yet leased and off-hire units designated for sale.

As of September 30, 2025, the net book value of our revenue earning assets was $9.3 billion, a decrease of 9.7% and 11.0%