Tank leasing the specialty way

MIMU HITS THE SPOT

LEASING • MIMU TANK LEASING FOCUSES ON THE SPECIALTY CHEMICALS MARKETS. OPERATIONS DIRECTOR STEVE GOVERS SHARES HIS OUTLOOK ON THIS NICHE SECTOR

HCB: When was the company formed? Did you identify a gap in the market? SG: We are a very young company, founded in 2016. Earlier we ran a third-party logistics (3PL) business within the bulk liquid industry and from there we identified a very interesting niche market in specialty chemicals. Our customers were simply asking us if we could supply the tanks as well as manage the logistics.

Knowing that these products require a more hands-on approach and having that expertise in-house, we decided to expand our offer and MIMU Tank Leasing BV was born. We since sold the 3PL business and our focus is now 100 per cent on leasing.

STEVE GOVERS: MIMU IS READY TO MEET

THE EXACT NEEDS OF ITS CUSTOMERS

Furthermore we are a fully operator-owned family business, which enables us to act very fast with a strong focus on customer service that stands out. Our fleet ranges from 12,000-litre to 24,000-litre tanks, offering lined tanks, T11 to T22s to T50 gas tanks.

HCB: How are tank lessors performing at present? Has the over-supply of new tanks affected the leasing sector? SG: On an overall level the yearly growth of the tank container market can be followed in the ITCO reports. Low build costs has incentivised tank lessors as well as tank operators to build new tanks and grow their fleets. This has led to an oversupply in the industry, mainly regarding 25,000 and 26,000-litre units.

On a more practical level I just have to glance out of a window in our Antwerp office to see incredible volumes of tanks sitting idle and filling up the tank depots. Oversupply on one hand and all time low leasing rates on the other - we knew we had to do things differently if we wanted to build a profitable tank container leasing company.

HCB: Has the tank leasing sector been affected by the Covid-19 pandemic? Is demand holding up? SG: Global trade was one of the first things affected by this pandemic and, with chemical production giants such as China and India going into lockdown, there was an immediate effect on the market.

As a growing company new projects are our bread and butter, so naturally this has been a challenge to us. We have seen many projects being put on the back burner during the first half of 2020. However, at the time of this interview I am seeing several of these projects starting up again, so I am carefully optimistic.

HCB: Are you taking on any new tanks this year? SG: Many of the new tanks we have built this year have been of smaller sizes, 12-15,000 litres, for heavier and corrosive products like acids and chlorides. All of them have been built for specific customer projects, which is the way we operate. While other lessors can build hundreds of units at a time as part of their growth strategy, that would not work for us. Given the specific nature of the products in our niche, building on speculation is not the correct strategy for us. Instead our operation is set up to quickly meet the exact needs of our customers when it arises.

HCB: Where do you see yourselves in the market, and how are you different? SG: First of all, our strategy is not to be the largest tank container lessor. In terms of fleet size we are probably not even in the top 50. Instead we are fully dedicated to providing a world class customer experience. One of the first ways you will notice this as a new potential customer is that we aim to reply to all inquiries within 24 hours. So for the coming years our small but very experienced team will continue to work hard making a name for ourselves in the specialty market, while growing at a healthy pace. mimu-tankleasing.com