Washington—A tank car shortage is causing a dramatic increase in lease rates and giving lessors potentially the most favorable terms and conditions in history, according to a railroad industry analyst. The terms for a five-year lease on a new 30,000-gallon, non-coiled, non-insulated tank car, a DOT-111 car most likely to be used to ship Bakken crude, has jumped to average roughly $1,700/month so far in 2014 from about a $500/month average in 2011. While the average is below the spot rate for this type of railcar, which last year reached as high as $2,500/month, the long-term rates are expected to continue to climb in the second quarter of this year, said David Nahass, a senior vice president with Railroad Financial Corp.
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