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Tropical sees lower rates, profits in 1st quarter

Tropical sees lower rates, profits in 1st quarter

   Tropical Shipping, the U.S./Caribbean container carrier, reported its first-quarter operating income decreased 26 percent to $4.2 million from $5.7 million in 2003, primarily due to the absence of a $1.3-million gain on a vessel sale recorded in the first quarter of last year.

   However, the results of Tropical’s increased first-quarter cargo volumes was canceled by the impact of lower average rates and higher operating costs.

   Tropical’s revenue for the first quarter rose 2 percent to $67.7 million from $66.4 million in the same quarter of 2003.