Shipping container leasing and trading platform Container xChange has expanded its online marketplace to the tank container sector by acquiring the aptly named startup TankContainerFinder.com, the firms said.
Terms of the deal were not disclosed, but Hamburg, Germany-based Container xChange said that TankContainerFinders.com founders Léon de Bruin and Arthur van de Hoeven will leave the company.
The deal comes as importers and exporters worldwide continue to struggle with port congestion and a shortage of available containers in their expected locations. Causes of the issue include soaring e-commerce demand putting pressure on international trade, clogged warehouses using containers for extra storage instead of transport, and an erratic recovery from the pandemic recession.
According to Container xChange, its move could help ease those pressures by allowing members to buy, sell, and lease every type of tank container and dry container in one location. The deal will also bring more transparency to the “highly fragmented” tank container market, enabling small- and medium sized companies to remain competitive by simplifying operational transactions, the company said.
“TankContainerFinder.com generated more than $40 million since it was founded in 2017 and is at the forefront of digitalization in the growing tank container market,” Johannes Schlingmeier, founder of Container xChange, said in a release. “Our customers have been asking for tank containers for a while and after a few conversations it was clear that joining forces with TankContainerFinder.com made a lot of sense.”