Tropical Shipping reports increased revenues, operating profits
Nicor, the Illinois-based natural gas company and parent of Tropical Shipping, said its third quarter operating income from shipping increased to $10.5 million from $9.4 million in the year-earlier period.
Third quarter shipping operating revenues was $98.3 million, down from $91.9 million in the same 2005 period. Tropical is a container carrier specializing in services to the Caribbean and Bahamas.
For the nine months ended Sept. 30, shipping operating income fell to $29.5 million from $31.9 million. Revenue improved to $288.1 million from $274.7 million in the same 2005 period.
The company said both periods reflected increased revenues resulting from higher average rates, offset in part by the impact of lower volumes. Both periods were also impacted by higher operating costs relating to higher transportation-related expenses (including fuel), employee-related costs, repairs and maintenance expense and leased freight equipment cost.