Seaboard Corp (SEB)

[junewong]

Seaboard Marine Posts $11.1 Million Loss
Joseph Bonney | Aug 10, 2011 6:34PM GMT
The Journal of Commerce Online - News Story



Carrier expects higher fuel and trucking costs to produce losses through 2011

Seaboard Marine posted an $11.1 million operating loss in the second quarter as rising volume and rates were offset by higher fuel and trucking costs that it expects to produce losses through 2011.

The Caribbean and Central American carrier, part of Seaboard Corp., reversed an $11 million operating profit in the second quarter of 2010. Net sales rose to $236.5 million from $215.6 million a year earlier.

Seaboard said its results were hurt by higher-than-expected costs for vessel fuel, trucking and vessel charter hire per unit shipped.

“Management cannot predict changes in future cargo volumes and cargo rates or to what extent changes in economic conditions in markets served will affect net sales or operating income during the remainder of 2010,” the company said. “However, based on recent significant cost increases for fuel and trucking, management currently anticipates continuing operating losses for the remainder if 2011.”