TROPICAL SHIPPING REPORTS $3-MILLION OPERATING INCOME FOR 1ST QUARTER

TROPICAL SHIPPING REPORTS $3-MILLION OPERATING INCOME FOR 1ST QUARTER

   Tropical Shipping earned an operating income of $3.2 million in the first quarter, flat when compared with the same quarter last year.

   Operating revenue at the U.S./Caribbean shipping line increased to $59.8 million, from $58.7 million in the first quarter of 2001.

   “Containerized shipping operating income of $3.2 million in the first quarter was similar to $3.3 million a year ago,” said Nicor Inc., the parent company of Tropical. “Higher volume-related costs and the continued pressure on prices resulting from soft economic conditions offset the contributions from overall higher volumes shipped,” it added.

   Tropical acquired Kent Line’s container division and its Canada/Caribbean service last October.

   Earlier this month (April), Tropical Shipping signed a definitive agreement to acquire certain assets of the eastern Caribbean and North Coast of South America service of Tecmarine Lines Inc. and TMX Logistics Inc.