Uncommon know-how backed by global strength.


PNW Railcars is a full-service railcar leasing, maintenance and management company headquartered in Portland, Oregon. Our seasoned team is committed to meeting the rail shipping needs of North America and, to do so, has developed a variety of railcar and leasing solutions for industrial shippers and rail carriers.

Our fleet is among the newest in the industry and continually expanding to meet the needs of the market. This is possible thanks to our creativity, world-class financial backing and our global business relationships.

We’re a subsidiary of the Mitsubishi HC Capital Inc (MHC) group of companies. MHC is a prominent global leasing company based in Tokyo, Japan, and publicly listed on the Tokyo and Nagoya Stock Exchanges. With the support of MHC, we are able to offer more than the latest railcars, we’re also able to offer the services and security that you can rely on for the long term.

Our Leadership Team



Andy Vestergaard has over 20 years of finance and leasing experience, having served in a progression of analytical, transaction leadership and business development roles across a variety of asset types. Andy was most recently head of structured finance for GATX, leading an investment team charged with adding new and existing railcars to the fleet.



Ted Baun brings over 25 years of rail industry experience to PNW Railcars. During his career, he has held executive-level positions in the areas of new railcar manufacturing, leasing, and aftermarket parts. Ted previously served with FreightCar America, Inc. and Mitsui Rail Capital, LLC in various sales, marketing, strategic planning, operations and business development roles, with the common goals of value creation, partnership, and customer focus.



Phil Thompson serves as Vice President of Business Development at PNW Railcars. He brings over 18 years of finance and operating experience from both the banking and railcar manufacturing and leasing sectors. Phil joins PNW Railcars from TrinityRail where he previously served as Director in the Capital Markets group. Prior to PNW Railcars, he held a variety of roles within finance, strategy, capital markets and railcar services. Phil earned a M.B.A. from the Cox School of Business at Southern Methodist University and a B.S. in Biology from Trinity College in Hartford, CT.

PNW Railcars is a group company of Mitsubishi HC Capital Inc (MHC), a prominent global leasing company headquartered in Tokyo. MHC, incorporated in April 1971, focuses on leasing, installment sales, various types of financing, and international business. MHC’s principal shareholders are Mitsubishi Corporation, Mitsubishi UFJ Financial Group, Inc., and Hitachi, Ltd. MHC is publicly listed on the Tokyo Stock Exchange and the Nagoya Stock Exchange. MHC is one of the largest leasing companies in Japan by assets. The MHC Group has a diverse business portfolio, offering leases and financial products in auto, real estate, rail car, vessels, aircraft engines, aircraft, and other capital equipment. For more information about MHC visit Mitsubishi HC Capital Inc.