Seaboard Marine reports higher volumes, flat rates

Seaboard Corp., a diversified agricultural and shipping company, said its marine division had operating income of $104.2 million in 2007 compared to $106 million in 2006.

Marine sales for 2007 were $822.2 million versus $741.6 million in 2006.

The company said results reflected higher cargo volumes because of continued favorable economic conditions in most markets served and the expansion of services provided in certain markets. Cargo rates overall remained relatively flat as a result of increased competition. Seaboard's marine fleet comprises 12 owned and about 27 chartered vessels.

The company said operating income fell because of higher dry dock expenses and increased fuel costs. In its annual report the company said it expects the marine division "to remain profitable in 2008, although lower than 2007.

Seaboard provides containerized shipping service between the United States, the Caribbean Basin, and Central and South America. 

Source:American Shipper