Today, we reported 2014 fourth quarter net income of $58.5 million, or $1.30 per diluted share. This compares to 2013 fourth quarter net income of $53.3 million or $1.14 per diluted share. For full year 2014, net income was $205 million or $4.48 per diluted share. By comparison 2013 net income was a $169.3 million, $3.59 per diluted share, including a benefit of $4.5 million or $0.09 per diluted share from tax adjustments and other items. Details related to these tax adjustments and other items can be found on page 12 of this morning’s press release.
The fourth quarter and full year 2014 results are reflective of the continued strong demand for tank cars and improved demand for freight cars in North America. The following fleet performance discussion excludes GATX’s.
At the end of the fourth quarter, GATX’s North American fleet utilization was 99.2%. In the fourth quarter, the renewal rate change of GATX’s lease price index was 39.2%, resulting in the full year renewal rate change of the LPI of 38.8%. We continue to optimize our fleet through railcar sales, generating more than $50 million in asset remarketing income. We also capitalized on opportunities to grow the railcar fleet as investment volume exceeded $800 million. Within Rail International, the economic environment was challenging for GATX Rail Europe and in certain instances it took longer to place cars on lease.
Utilization was affected throughout the year, but improved 95.9% at the end of the fourth quarter. 2014 was another sizeable investment year for GATX Rail Europe with investment volume of more than 150 million as we continue to investment in new tank cars. American Steamship Company operated 15 vessels and carried 30.5 million net tons of cargo in 2014 compared with 13 vessels that carried 28.8 million net tons in 2013. Higher water levels on the Great Lakes contributed to the increased volume of cargo ships. Segment profit in 2014 was lower than in 2013; however as harsh weather conditions and ice cover on the Great Lakes caused extreme delays in operating inefficiencies earlier in the navigation season. Within the Portfolio Management segment, the Rolls-Royce and Partners Finance affiliates continued to post very strong results. And the performance of the inland marine barges improved due to strong grain shipments.
In the coming year, leases on approximately 17,000 railcars and on North American term lease fleet are scheduled for renewal. In addition, we have approximately 6,000 boxcars scheduled for renewal. As noted in the press release, we currently expect 2015 earnings to be in the range of $5.15 to $5.35 per diluted share excluding any impact from tax adjustments or other items. With that quick overview, I’ll turn it over to Brian for additional color on 2014 and our outlook for the year ahead.
