ACL FIRST-QUARTER PROFIT UP 169%
Atlantic Container Line, the transatlantic carrier, said its first-quarter net profit was $35 million, up 169 percent from the $13 million reported in the first quarter of 1999.
Operating income was $666 million, up from $522 million from the year-earlier quarter. ACL said transatlantic container volumes were up in both directions. Overall cargo capacity utilization was 79 percent, excluding slot sales.
Container freight rates have shown an upward trend westbound, while eastbound rates have remained flat, the carrier said.
Westbound roll-on/roll-off volumes have been strong since January, particularly westbound, while rates are up slightly over last year.
Operating expenses was $566 million, compared to $443 million in 1999. Fuel costs of $2.3 million were 67 percent higher than the year-earlier quarter.
ACL said it expected its improved financial performance to continue through the year.