Tropical sees lower rates, profits in 1st quarter
Tropical Shipping, the U.S./Caribbean container carrier, reported its first-quarter operating income decreased 26 percent to $4.2 million from $5.7 million in 2003, primarily due to the absence of a $1.3-million gain on a vessel sale recorded in the first quarter of last year.
However, the results of Tropical’s increased first-quarter cargo volumes was canceled by the impact of lower average rates and higher operating costs.
Tropical’s revenue for the first quarter rose 2 percent to $67.7 million from $66.4 million in the same quarter of 2003.