Trailer Bridge Reports 2Q Results

Monday, August 12, 2002
Trailer Bridge, Inc. reported financial results for the second quarter ended June 30, 2002 highlighted by a significantly reduced losses, profits in the months of May and June and the beginning effects from what is anticipated to be sharp and continuing improvements in market conditions in the Puerto Rico lane. When the company released its first quarter results, it disclosed a just announced transaction where a competitor with a 27 percent market share and operating under Chapter 11 of the bankruptcy code had sold its vessel assets to another competitor. Shortly after that transaction was finalized in mid-May, the purchaser began taking steps that effectively resulted in two-thirds of the capacity of the purchased vessels that were deployed being permanently removed from the Puerto Rico market. Trailer Bridge believes this action addresses some two-thirds of the excess capacity in the lane, which was previously approximately 30 percent. The company believes that this previous level of excess capacity has been the root cause of the hyper-competitive conditions in the Puerto Rico market. With this change, Trailer Bridge believes it and the other remaining carriers in the lane will benefit from greater asset utilization and an unwinding of the unsustainable pricing characteristic of recent years. Trailer Bridge’s own effective yield on core southbound loads is down approximately 25 percent from five years ago. The discontinuance of the direct Northeast service at the end of last year, while significantly reducing costs, reduced revenues in Q2 2002 and led to an overall reduction in vessel capacity deployed of 26.3 percent this quarter when compared to the second quarter of 2001. Total revenue for the three months ended June 30, 2002 was $18,116,637, a decrease of $3,542,547 or 16.4% compared to the prior year period; revenues in the second quarter of 2001 included sales related to the now closed Northeast service. The Company’s total volume of freight moving to and from Puerto Rico decreased 17.3 percent compared to the year earlier period.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

First Damen Tug for Fratelli Neri

Fratelli Neri S.p.A has taken delivery of a Damen ASD Tug 3212. The new vessel, called Luisa Neri, was handed over from Damen Maaskant Shipyards Stellendam in the Netherlands, on 25 January 2016.

Australia Submarines: It is Japan vs. France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

Elbit Systems Introduces Seagull

Israel’s Elbit Systems unveiled a prototype of what it claims is the world’s first unmanned system for anti-submarine warfare (ASW) missions.   Developed in less

Finance

Hempel’s Dynamic Brings Saving for Lemissoler

Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.0825 sec (12 req/sec)