Tropical ShippingÆs profits slump in 1st quarter
Nicor Inc., the Illinois-based holding company that owns U.S./Caribbean ocean carrier Tropical Shipping, said Thursday its first quarter operating income from shipping declined 60.6 percent to $3.9 million, compared to $9.9 million in the year-earlier period.
The Florida-based shipping company’s quarterly operating revenue decreased 1.4 percent to $97.7 million from $99.1 million, while container volume for the first three months of 2008 slipped 5.7 percent to 48,000 TEUs. As a consequence, revenue per TEU improved to $2,037, from $1,949.
'Our shipping business experienced lower than expected results due to increasing fuel costs and economic and competitive pressures on volumes shipped,” said Russ M. Stroebel, Nicor chairman, president and chief executive officer.