Trailer Bridge Reports First Quarter Results

Wednesday, May 14, 2003
Trailer Bridge, Inc. reported the financial results for the first quarter ended March 31, 2003,highlighted by positive net cash provided by operating activities and a significant increase in volume and revenue from mid-March that has continued into the second quarter of 2003. Recent Increase in Vessel Capacity Utilization an Indicator that Long Awaited Market Turnaround has Arrived As previously disclosed, as a result of the effect on new volume commitments kicking in, the Company has experienced a significant increase in volume and revenue since early March. This volume pick-up had been anticipated based upon new commitments and indications of commitments that the Company’s sales force was getting from shippers, primarily starting after Labor Day 2002. The Company believes that this recent robust volume is being driven by the reduction in trade lane capacity as discussed in detail in previous releases and conference calls and the superior service and on-time performance delivered by the Company. Most recently, for the six-week period ending May 9, 2003, a period representing almost half of the second quarter, deployed vessel capacity utilization was 98.3% southbound and 27.7% northbound, which resulted in average weekly revenue of $1,696,030. This average actual weekly revenue level is 16.1% above the overall average weekly revenues for the first quarter of 2003. The Company believes that with a continuation of this revenue level it will be profitable in the second quarter of 2003. Furthermore, based upon increased volume from specific existing accounts, increased customer commitments and actual growing booking trends, the Company believes that these actual volume and revenue levels are sustainable and therefore more indicative of what to expect going forward than any recent actual historical period. Revenues Increase; Higher Fuel Costs Affect Operating Results Total revenue for the three months ended March 31, 2003 was $18,986,074, an increase of $1,505,948 or 8.6% compared to the first quarter of 2002. Total southbound volume increased 11.4% compared to the year earlier period. Northbound, total volume increased 24.7% from the year ago period. The effective yield of all of the southbound cargo represented a decrease of 1.4% from the year earlier period. In the northbound lane, the effective yield of all cargo decreased 6.0% from the year ago period.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1730 sec (6 req/sec)