Tropical Shipping, a specialist in moving cargo to destinations in the Bahamas and Caribbean, had flat operating earnings in the fourth quarter, but a 50-percent increase in earnings before interest and tax (EBIT) for the full year.
EBIT was $9 million in the fourth quarter of 2013 — the same as in the the fourth quarter of 2012. For 2013, EBIT was $12 million, compared to $8 million in 2012. The company said it expects an improvement in EBIT to $15 million and $25 million in 2014.
Tropical is part of the natural gas utility AGL Resources.
Cargo shipping revenue was $101 million in the fourth quarter of 2013, up 6 percent over the fourth quarter of 2012; for the full year it was $365 million, up 7 percent.
Cargo volumes, measured in TEUs, were up 10 percent, when compared to 2012, due to market share expansion and modest improvement in economic conditions, AGL said. But in 2013, average TEU rates were slightly down overall due to changes in cargo mix and competition.