Trailer Bridge lost $3.6 million in the second quarter, compared with an $897,000 profit in the same period a year ago, largely because the carrier's charter business decreased and fuel costs rose $1.1 million.
The loss was an improvement on the $10.4 million loss Trailer Bridge reported in the first quarter. But the Jones Act carrier remains in talks with lenders and its advisors to refinance $82.5 million in public notes due in November, and said a refinancing may include an equity component, which may result in a change of control.
The Jacksonville, Fla.-based company said the interest rate on its overall debt through the refinancing will likely be higher than earlier projected.
Trailer Bridge’s second quarter revenue fell 0.9 percent to $29 million year-over-year, as its fuel costs rose to $2.2 million.
The carrier’s northbound utilization on its U.S. mainland-Puerto Rico service fell 8.9 percentage points to 91.2 percent year-over-year. Utilization in the opposite direction fell 5.4 percentage points to 24.1 percent within the same period.
The company’s charter revenue declined 33 percent to $600,000 within the same period, but the charter business grew by $500,000 from the previous quarter.
Trailer Bridge lost $14 million in the first six months of 2011, compared with a $590,000 profit during the same period a year ago. Its revenue fell 11 percent to $53.8 million within the same period.