SEA-LAND SECOND-QUARTER, FIRST-HALF INCOME UP SLIGHTLY
CSX Corp. subsidiary Sea-Land Service, which is to be acquired by A.P.
Moller within the next four months, reported slight increases in earnings
for the second-quarter and first half of 1999.
The container-shipping line reported $56 million in second-quarter
income, up 7.7 percent from the same period in 1998. Revenue declined 1.6
percent to $977 million.
"Sea-Land continues to be affected by cargo imbalances in both the
Atlantic and Pacific trade lanes," said CSX Corp. "Rate increases in the
Pacific, particularly the Asia-to-U.S. trade, along with productivity
improvements, helped offset continuing weaknesses in volumes and rates in
the Atlantic."
Sea-Land’s Pacific revenues were up 13 percent to $391 million while
loadings were flat for the quarter. Revenue for the Atlantic was off 27
percent, to $156 million; the Americas was down 14 percent to $133 million;
and Asia/Mideast/Europe rose slightly to $143 million.
For the first half of 1999, income rose 1.5 percent to $68 million,
while revenue was flat, at $1.95 billion.