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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

Finance

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Winch
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: 0.1170 sec (9 req/sec)