SEABOARD’S OPERATING INCOME UP 66% IN 2001
Seaboard Marine, the shipping line specialized in the inter-American and Caribbean trades, increased its operating income by 66 percent in 2001, to $24 million, from $14.5 million in 2000.
The $10-million increase in profit resulted primarily from improved results in certain South American markets, the company said.
Net sales went up by 5 percent last year, to $384.9 million, from $364.9 million in 2000.
Seaboard said that the increase in sales reflected increased volumes, although cargo rates decreased slightly compared to the previous year’s average.
The increased sales in 2001 also reflected a full year of services provided at a cargo terminal facility at the port of Houston which was acquired during the second quarter of 2000.
“Although economic uncertainties still exist in certain South American markets, volumes in these markets improved during 2001 compared to 2000, partially offset by a decline in volumes to the Caribbean Basin,” Seaboard said.
Seaboard expects its operating income to remain positive this year, but warned that economic uncertainties could reduce overall profitability.