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 Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Pair of ASD Tugboats Delivered to Keppel-Smit

The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first

New Portable Power System from SWE

Southwest Electronic Energy announced the launch of POW-R Tote, a rugged, lightweight, 12V/117Ah portable power system which provides compact-convenient energy

Energy Storage System Ordered for LNG Battery Hybrid Ferry

Norwegian hybrid to be the first LNG battery ferry to operate on commercial routes Corvus Energy, Siemens AS and Fjord1 have announced the award of the contract for the Fannefjord LNG hybrid ferry.

Finance

OW Bunker Bankruptcy has ‘Limited Impact’ on Monjasa

Though OW Bunker’s collapse has varyingly affected many companies around the globe, Danish bunker fuel provider Monjasa A/S said in a statement that the news holds

Sustainability Report: Carnival Ahead of Emissions Goal

Carnival Corporation & plc released a report today detailing its sustainability efforts, including initiatives which enabled the company to meet its corporate goal

EU Funds Study into New Aberdeen Harbor

The EU's TEN-T Program will invest over $940,000 for development studies for a new harbor at Nigg Bay in Aberdeen, Scotland. The harbor is to support the existing

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.1079 sec (9 req/sec)