Trailer Bridge swung to a $1.9 million loss in the third quarter and the Jones Act carrier reiterated its confidence in being able to improve profitability through a Chapter 11 bankruptcy reorganization.
The U.S.-Puerto Rico carrier’s profit fell from a $6,900 gain in the same period a year ago despite revenue increasing 6.1 percent year-over-year to $29.3 million. The Jacksonville, Fla.-based company filed for bankruptcy last week after failing to refinance $82.5 million in bond debt.
“Through the first seven weeks in the current fourth quarter, we have seen marked improvement in all aspects of our operations, including higher revenues, and volume increases. We have achieved this in what has been a period of perceived uncertainty regarding our refinancing efforts,” company co-CEOs William Gottimer and Mark Tanner said in a joint statement.
The company’s southbound vessel utilization improved from 90.3 percent to 93.6 percent within the same period, and the carrier’s southbound utilization was 103.2 percent in the first five weeks of the fourth quarter.
Trailer Bridge’s northbound vessel utilization in the third quarter fell to 24.8 percent from 25.6 percent in the same period a year ago. The company did not provide northbound vessel utilization statistics for the first five weeks of the fourth quarter.