American Shipper

TCC loses $3 million in first half

TCC loses $3 million in first half

   The Containership Company (TCC), a Norway-based startup container line that began transpacific liner service this year, had revenue of $21.2 million and operating losses of $3 million in the first half of 2010.

   The line started operations in April with an express service between Taicang and Los Angeles, which has since expanded to include a call at Ningbo. TCC, which advertised itself as a no-frills carrier that could provide cost savings to shippers, has said it plans to expand its network on the transpacific and between Asia and Europe.

   According to its interim statement, TCC has $34 million worth of assets, including $9.8 million in containers and $8.5 million in cash. The carrier has leased eight ships, three of which are subleased and five of which are deployed on its transpacific service. The line did not report its container volume.

   The company's executive board agreed on June 30 to inject an additional $14.6 million into the carrier.