US Jones Act carrier Horizon Lines widened its net loss 30 per cent in the first quarter to US$26.3 million, drawn on revenues of US$251.9 million, down three per cent, according to Shipping Gazette.
"Higher fuel and labour costs associated with dry docking transits and contractual cost increases that impacted marine, inland transportation and terminal expenses," said a company statement accompanying the results.
Revenue, on the other hand, rose on the back of 7.6 per cent growth in volumes to 51,321 loads as volumes picked up in Hawaii and Puerto Rico, partially offset by a drop in volumes for the Alaska market.
"Volume increases in our Hawaii market were predominantly due to modest growth in the Hawaii economy, including construction materials and tourism, as well as an increase in automobile shipments," said president and CEO Sam Woodward.
"Improvement in our Puerto Rico lift was primarily due to the full-quarter impact of 2013's addition of a biweekly Jacksonville sailing to our southbound service between Houston and San Juan, as well as market-share gains in our service between Philadelphia and San Juan," he said.
Horizon forecasts revenue container loads to be above last year's levels due to anticipated modest volume growth in all three markets it serves. Yet container rates are expected to be below 2013 levels.
"Higher fuel and labour costs associated with dry docking transits and contractual cost increases that impacted marine, inland transportation and terminal expenses," said a company statement accompanying the results.
Revenue, on the other hand, rose on the back of 7.6 per cent growth in volumes to 51,321 loads as volumes picked up in Hawaii and Puerto Rico, partially offset by a drop in volumes for the Alaska market.
"Volume increases in our Hawaii market were predominantly due to modest growth in the Hawaii economy, including construction materials and tourism, as well as an increase in automobile shipments," said president and CEO Sam Woodward.
"Improvement in our Puerto Rico lift was primarily due to the full-quarter impact of 2013's addition of a biweekly Jacksonville sailing to our southbound service between Houston and San Juan, as well as market-share gains in our service between Philadelphia and San Juan," he said.
Horizon forecasts revenue container loads to be above last year's levels due to anticipated modest volume growth in all three markets it serves. Yet container rates are expected to be below 2013 levels.