ATLANTIC TURMOIL HITS ACL FIRST-QUARTER RESULT
Atlantic Container Line reported a 66-percent drop in first-quarter
earnings before interest, to SKr39 million ($5 million), and its worst
first-quarter container freight rates and volumes in 20 years.
The result compared to earnings of SKr115 million in the first quarter
of 1998.
Operating revenue fell 17 percent to SKr522 million ($64 million), from
SKr627 million in the year-earlier period.
Net profit declined to SKr13 million ($2 million), compared to SKr71
million in 1998.
ACL blamed the "turmoil in the North Atlantic container market" and
deregulation in the U.S. and Europe for its lower results.
ACL said that its container volume was down by 11 percent in the first
quarter, while rates fell 16 percent. Car volume and rates remained stable.
ACL said that it has taken measures to improve its vessel container
utilization in the second quarter.