Revenue was $29.3 million in the quarter ending Sept. 30, down from $30.3 million in the same 2009 period.
This decrease in operating income was primarily attributed to decreased volumes and lower rates combined with higher operating costs.
The company said volumes were down 5.2 percent, and that revenue from its core service to Puerto Rico and the Dominican Republic were down $1.5 million, partially offset by $500,000 from other revenue such as chartering vessels not in liner service to third-party operators.
