Tropical Shipping revenue falls
Caribbean shipping line Tropical Shipping had third quarter operating income of $3.6 million, compared to $6.3 million earned in the third quarter of 2009, because of higher operating costs, said the company’s parent, the Illinois-based natural gas utility Nicor.
Tropical had operating revenue of $83.9 million for the quarter ended Sept. 30, compared to $83.3 million in the same 2009 period.
Operating revenue increase because of higher average rates, attributable to higher cost-recovery surcharges for fuel. This was partially offset by lower volumes.
Higher operating costs were due primarily to higher repair and maintenance expense and higher transportation-related costs, including higher fuel prices.
Tropical handled about 41,500 TEUs in the third quarter, down from 43,000 TEUs in the year-earlier period, while average revenue per TEU improved to $2,017 from $1,942 in the same 2009 quarter.
Tropical Shipping revenue falls
