TCC suffers $4.3 million loss in 2010
The Containership Co. had a $4.3 million operating loss in 2010 on revenue of $83.8 million, the line said this week.
Norway-based TCC, which operates a single port-to-port service from the Ningbo, Taicang and Qingdao to Los Angeles, started operations in April 2010.
It said about half of the loss was due to start-up costs of around $2 million.
The line said the results were 'below expectations' primarily due to lower than expected eastbound cargo volume on the transpacific from increased competition and an 'insignificant' peak season.
The carrier said it has a positive outlook for 2011 and expects container volume on the eastbound transpacific to grow 10 percent, with demand outstripping supply. Last month, TCC confirmed to American Shipper it plans to launch a second service from South China to the U.S. West Coast by the end of this year.