Trailer Bridge reports 3Q loss of $1.9 m

   Trailer Bridge, which operates a combined trucking and liner barge service between the U.S. mainland and Puerto Rico and the Dominican Republic said it had a loss of $1.9 million in the three months ending Sept. 30.
   In the same period a year earlier, the company essentially broke even, earning just $6,900.
   The Jacksonville, Fla.-based firm had revenue of $31.1 million during the quarter, a 6.1 percent increase compared to $29.3 million in the prior year period.
   On Nov. 16, the company filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code as $82.5 million 9.25% senior secured notes came due. Trailer Bridge said it hopes to complete its reorganization by the end of the first quarter of 2012 and said it believed “this action is the quickest and most efficient way to restructure its balance sheet and ensure the long-term strength of its operations.”
   It said it had received approval from the bankruptcy court to receive $15 million in debtor-in-possession financing to meet its post-filing obligations, and will continue operating under its usual course of business throughout the process, without any reduction in its workforce or vessel deployment and will continue to provide weekly service between Jacksonville, San Juan, Puerto Rico, with weekly sailings between Jacksonville, Florida, and the Dominican Republic.
   The carrier said its southbound vessel capacity utilization improved to 93.6 percent for the three months ended Sept. 30, compared to 90.3 percent for the three months ended Sept. 30, 2010 and 91.2 percent for the three months ended June 30, 2011. It said “southbound vessel capacity thus far in the fourth quarter is 103.2 percent with the past five weeks above the 100 percent mark.” The Company operates in an unbalanced trade lane, with the majority of freight moving Southbound from the continental United States to its two island destinations. Vessel capacity utilization Northbound to the United States was 24.8% for the three months ended Sept. 30, 2011, compared to 25.6% for the three months ended Sept. 30, 2010 and 24.1% for the three months ended June 30, 2011.