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Horizon narrows first quarter loss to US$16 million from $20 million

A SHADOW of it former self, Horizon Lines, once the biggest US carrier, posted a first quarter year-on-year loss that narrowed to US$16.4 million from $20.6 million since the first quarter of 2014. 

Horizon narrows first quarter loss to US$16 million from $20 million
09 May 2015 - 07:44

Horizon narrows first quarter loss to US$16 million from $20 million

A SHADOW of it former self, Horizon Lines, once the biggest US carrier, posted a first quarter year-on-year loss that narrowed to US$16.4 million from $20.6 million since the first quarter of 2014. 

The Jones Act carrier, which now only operates services to Hawaii and Alaska after ending service to Puerto Rico earlier this year, had quarterly revenues of $180.9 million, down 1.3 per cent year on year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was $13.3 million in the first quarter compared with $8.1 million in the first quarter of 2014, reported American Shipper.

Horizon president and CEO Steve Rubin said the improvement "was driven largely by improved fuel recovery, lower transit and replacement vessel costs associated with dry-docking of our vessels and higher volume".

This was offset, he said, by "modestly lower rates, net of fuel; productivity losses in connection with the west coast ILWU negotiations and the resulting congestion impact and higher vessel operating costs". 

Horizon has agreed to sell its Hawaii business to Pasha and have its remaining Alaska business be acquired by Matson later this year.

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