Tropical: Volume down, rates up
Nicor said its Tropical Shipping subsidiary had first quarter operating income of $6.6 million compared to $3.9 million in the same 2008 period.
The increase came despite a drop in revenue to $89.4 million in the most recent quarter compared to $97.7 million a year earlier.
The Caribbean shipping specialist moved 42,600 TEUs in the quarter compared to 48,000 TEUs in the year earlier period. But the company said revenue per box were up — $2,100 per TEU compared to $2,037 a year earlier. The company reduced operating costs, trimming its fleet from 18 to 16 ships.
Tropical: Volume down, rates up
