Trailer Bridge swung to a profit of $656,693 in the second quarter ended June 30 from a loss of $329,261 in the same quarter last year despite a decline in revenue.
The Jacksonville-based tug-barge operator on Wednesday reported revenue of $27.9 million in the quarter, down 17.7 percent from $33.9 million in the prior-year period, but up 10.1 percent from the first quarter of this year.
Revenue from the Jones Act carrier’s two-year-old service to the Dominican Republic service increased by 56.3 percent to $2.5 million in the second quarter, up from $1.6 million in prior year and a 25 percent increase from this year’s first quarter.
“Our second quarter results were highlighted by a return to profitability, despite the continuation of softened market conditions in our core southbound Puerto Rico lane,” said Ralph W. Heim, interim CEO.
“We saw improved vessel charter hire revenue on our vessels not currently in liner service, growth in Dominican Republic volumes and increased Puerto Rico northbound volume. During the second quarter increased revenues from our other lanes, combined with vigorous management of costs, led to improved operating performance,” Heim said.
The Company's deployed vessel capacity utilization during the second quarter was 82.8 percent southbound and 31.4 percent northbound, compared to 85.7 percent and 26.8 percent, respectively, during the second quarter of 2008, and 84.7 percent and 25.5 percent, respectively, sequentially.
The utilization figures for 2009 are with only four vessels in liner service compared to five vessels in the year earlier quarter. Overall volume southbound increased 5.9 percent from the first quarter of 2009. Overall southbound volume decreased 11.7 percent from the same quarter last year when the Company had an additional sailing every other week.
Contact Peter T. Leach at email@example.com.