Trailer Bridge Expands Dominican Service
Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) announced that it is expanding its Dominican Republic sailings from every two weeks to weekly. The company will provide this service utilizing its existing vessels that currently link the ports of Jacksonville, Fla., San Juan, Puerto Rico, and Puerto Plata, Dominican Republic. The new service is expected to commence in the last week of January 2010. The company originally commenced sailing to the Dominican Republic in August 2007, and has grown its customer base significantly over the past two years. The added frequency of sailings will provide additional options for the company’s existing shipping customers, while also making Trailer Bridge’s value proposition more attractive for potential new shippers.
Trailer Bridge’s Chief Executive Officer, Ivy Barton Suter, stated, “We continue to search for cost-efficient methods to improve our operations and, as a result of existing customer demand, decided to expand our service to the Dominican Republic’s growing market without a significant increase in cost. This expansion was planned prior to the earthquake that struck Haiti earlier this week. As a service provider in the Caribbean, we are concerned for all those affected. Trailer Bridge is currently working with the U.S. and local governments and private parties to explore options for use of our additional available vessels in the relief effort.”
Suter also noted that on January 13, 2010, Trailer Bridge completed its previously announced purchase, in privately negotiated transactions, of another $1m of its 9 1/4% Senior Secured Notes maturing on November 15, 2011. Since September 2009, the company has repurchased $2.5m of these Notes, which have an outstanding balance of $82.5m.