U.S. Shipping Partners reports higher revenues, lower profit

U.S. Shipping Partners reports higher revenues, lower profit U.S. Shipping Partners LP, an operator of tankers and tank-barge units, said its second quarter net income dipped to $2.4 million from $3.0 million in the year-earlier period.
   Revenue improved to $45.6 million from $37.8 million in second quarter of 2006.
   The Edison, N.J.-based company’s interest expense in the quarter was $6.7 million, up from $1.9 million.
   The company was “pleased with the financial and operational results for our second quarter. Utilization of our vessels was over 98 percent and both revenues and operating income increased year over year,” said Paul Gridley, chairman and chief executive officer.
   He noted the results reflect the addition of the ATB Freeport, a new articulated tug barge unit designed to carry chemical parcels. The unit went into service on July 1.
   Increased revenues also reflect the addition of the chemical tanker Sea Venture in June 2006.