Trailer Bridge posts higher 2Q earnings

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Trailer Bridge

Trailer Bridge Inc. on Wednesday, Aug. 11, reported operating income of $3.4 million in the second quarter of 2010, a 5.7 percent increase compared to operating income of $3.2 million in the second quarter of 2009. Net income improved by $0.2 million to $0.9 million compared to $0.7 million. Revenue of $31.7 million was up 13.5 percent from the prior-year period and up 9.8 percent from the first quarter of 2010. Excluding the effect of fuel surcharges, revenue increased by 9.0 percent from the prior-year period and 8.9 percent sequentially.

“We continued to maintain strong capacity utilization for our vessels in liner service,” said Ivy Suter, chief executive officer of the Jacksonville, Fla.-based company. “The combination of Puerto Rico and Dominican Republic freight worked to maintain high capacity utilization southbound for our deployed vessels. There is additional growth potential southbound utilizing our current deployed capacity and significant growth opportunity northbound out of both Puerto Rico and the Dominican Republic.”

The company’s deployed vessel capacity utilization was 100.1 percent southbound and 29.5 percent northbound, compared to 82.8 percent and 31.4 percent, respectively, during the second quarter of 2009, and 96.5 percent and 30.2 percent, respectively, sequentially from the first quarter of 2010. Overall volume southbound increased 8.4 percent from the first quarter of 2010 and increased 19.8 percent from the same quarter last year.