Finally, the company's views, estimates, plans and outlook as described within this call may change subsequent to this discussion. The company is under no obligation to modify or update any or all of the statements that is made herein despite any subsequent changes the company may make in its views, estimates, plans or outlook for the future. These statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results.
For a discussion of such risks and uncertainties, please see the risk factors listed in the company's annual report filed on Form 10-K with the SEC.
With these formalities out of the way, I would now like to now turn the call over to Brian Sondey. Brian?
Thanks Jeff. Welcome to TAL's second quarter 2012 earnings conference call. Tal continued to deliver outstanding operational and financial performance in the second quarter of 2012. We generated almost $52 million in adjusted pre-tax or cash income for the quarter.Our existing fleet continued to perform exceptionally well. Utilization averaged almost 98% for the quarter and used container sale prices held steady during the quarter at historically high levels, and we continued to invest heavily in new and sale-leaseback containers ensuring that 2012 will be another year of strong growth for TAL. Sales performance continues to be supported by attractive market fundamentals. Trade growth remained solidly despite global economic headwinds, a recession Europe and disappointing growth in the United States, and minimal trade growth in the main east west trade lands. The growth in inter-Asia North-South and other regional trades continues to be strong. Overall growth in global containerized trade volumes is still expected to be 5% to 7% in 2012. The supply and demand balance for containers remained in our favor. People inventories of used equipment remained unusually low and the production of new containers so far this year has been moderate. We estimate that the production of new containers in the first half of 2012 was down roughly 30%, compared to new production in the first half of last year.