Marine cargo container lessors are likely to cut back in spending if the global economy slows more than expected, according to Standard & Poor's analysts.

Lessors ramped up spending to record levels in 2010 to meet demand. However, the current economic slowdown has already prompted some lessors to begin to lessen their spending.

"The outlook for 2010 was a very strong year for container lessors and demand grew because the global economy grew as well as the fact that their customers really were not buying equipment themselves and were relying more on the lessors," said S&P Senior Director Belinda Ghetti.

Despite the industry's downsizing, shipping container company SeaCube is reportedly looking to tap the market for a second time this year.

According to a Bloomberg report, the lessor is looking to sell a container bond via the 144A market. The report said offering includes a $150 million, single-A rated bond with a legal final maturity of October 2026.

The transaction called CLI Funding V is being joint managed by Wells Fargo Securities and  Deutsche Bank Securities.  

It follows a transaction issued earlier this year by the lessor when it offered $230 million of Series 2011-1 fixed-rate secured notes rated single-A and issued at par with an annual interest rate of 4.5%.  

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