Tropical reports higher operating income
Nicor Inc. said its Tropical Shipping subsidiary had third quarter operating income of $9.5 million compared to $8.7 million in the same 2007 period.
Tropical’s operating revenue in the quarter was $108.5 million compared to $97.5 million in the 2007 period. The company said the higher revenue was attributable to higher average rates, primarily due to fuel surcharges. Those increases were partially offset by lower volumes shipped. Operating costs were higher compared to 2007, largely because of higher fuel costs.
Tropical Shipping is a containerized shipping business serving the Caribbean region and the Bahamas.