VENEZUELAN INSTABILITY CUTS SEABOARD MARINE’S PROFITS

VENEZUELAN INSTABILITY CUTS SEABOARD MARINE’S PROFITS    Seaboard Marine saw its operating income slide to $16.6 million in 2002, from $24 million the year before, as its container shipping operations in the South American trades were affected by instability in Venezuela.
   Net sales for 2002 amounted to $383.4 million, virtually unchanged when compared to the previous year’s $384.9 million revenue.
   Seaboard said that overall cargo volumes increased in most existing markets and that new routes were added last year. However, these increases “were partially offset by significant declines in certain South American routes as a result of political instability in Venezuela throughout 2002,” it said. Seaboard noted the South American country’s general strike in December, which closed down its ports.
   Cargo rates in 2002 were lower than in the previous year, the carrier reported.
   The parent company of Seaboard Marine said that it expects its shipping operation to remain profitable this year, but warned that economic uncertainties in various South American routes could continue to reduce overall profitability.