First quarter earnings before interest, taxes, depreciation and amortization in the quarter was $22 million compared with negative EBITDA of $33 million in the first quarter of 2010.
Revenue increased 22 percent to $912 million from $745 million.
The carrier said the increase “stems primarily from an increase in volumes carried and an increase in average freight rates.” During the first quarter, average freight rate per TEU was $1,360 compared with $1,200 per TEU in the same quarter last year. Containers handled increased 9 percent to 555,000 TEUs compared to 509,000 TEUs in the same quarter last year.
