During the quarter we also purchased two managed fleet portfolios that totaled 22,000 TEU for a purchase price of $27 million.
The purchase price for these portfolios were very attractive and they immediately provided earnings to our operations during the quarter.
According to Clarkson's research containerized trade growth this year is expected to grow approximately 6%. This level of trade growth is lower than the historical trend of 9% to 10% due to the economic weakness in Europe and slow economic growth in the United States.
However, there is ongoing trade growth coming from many of the developing regions. The containerized trade growth in conjunction with full utilization of the existing worldwide leased container fleet and limited new investment that shipping line is making for containers create demand for incremental leased containers.Specifically we see demand from customers for equipment to be picked up in Europe for (ExBark) cargo, particularly in Germany. We also see demand for the pick-up of equipment in some of the Southern European countries. There is ongoing demand for equipment to be picked up in Asia, particularly in China. We see demand from regional shipping lines focused on inter-Asian trade. Customers are inquiring for equipment to be picked up in August and September. We hear from some of our customers that they expect continued good freight demand over those months and are planning for some additional pick up of containers. We expect our shipping line customers' financial position to improve over the course of this year, as we expect that they will report improved results from their first quarter losses. Many of the shipping lines have implemented freight rate increases that are being passed onto their customers while benefitting from growth and cargo volumes and lower fuel costs. As a result we expect the financial risk within our overall customer base to improve.