My understanding from Annual Reports and press releases from CBH in the 2010-13 period, was that CBH wanted total control of their silo to port logistics chain. From memory CBH had placed orders for the rollingstock, prior to calling the EOI for an operator to manage their fleet. Does anyone have evidence that CBH do not own the DBZ?
What does not seem to be entering the equation is Watco's financial status. It is a LLC, the US equivalent to an Australian proprietary (private) company (shares not traded - 50 share total). It does not have the capacity to issue additional shares to raise capital. It runs on borrowed capital. Unlike G&W who are a listed public corporation in the USA, with the ability to raise capital by issuing additional shares.
The assumption is that Watco has "purchased" 8 "new" locomotives for the Queensland grain contract, is possibly misplaced, If one was to drill down, Watco Australia is possibly leasing from Watco USA, who in turn will either be leasing the locos themselves, or have them on the floorplan with the rest of their USA fleet.