Tropical sees drop in volumes, rates
Tropical Shipping saw volumes and freight rates drop in the second quarter ending June 30.
The company, which is owned by the Chicago-area natural gas utility Nicor, had operating income of $2.5 million in the second quarter compared to $5.7 million in the same period the prior year.
It handled 42,700 TEUs in the quarter compared to 48,800 in the same 2008 period. Revenue per TEU was down also, to an average of $1,960 per TEU in the quarter compared to $2,098 a year earlier. The company noted the drop in revenue resulted principally from lower surcharge for fuel.
Tropical operates 16 ships that call at 25 ports in the Caribbean and Bahamas.