TROPICAL SHIPPING’S REVENUES SLIDE
Tropical Shipping, the U.S./Caribbean container shipping operator owned by Nicor Inc., reported a further decrease in revenues and operating profit for the third quarter
Operating income decreased to $4.2 million in the third quarter, down 19 percent from the $5.2 million quarterly operating income of a year ago. Revenues fell by 13 percent during the same period, to $52.7 million, from $60.4 million in the third quarter of 2000.
For the nine months ended Sept. 30, shipping operating income decreased to $11.1 million from $16.6 million in 2000. Revenues dropped by 8 percent, to $165.7 million, from $180.9 million in the first nine months of last year.
The declines in operating income for both periods are primarily the result of a decrease in volumes shipped due to the economic slowdown in the Caribbean, the company said. However, Tropical said that it had increased average rates and lower operating costs this year.
Tropical has recently acquired the container shipping activities of Kent Line.
