POSTED: 09:56 a.m. HST, Jul 29, 2011
Ocean cargo transportation firm Horizon Lines Inc. today said its new China service and high fuel prices dragged earnings into the red during the second quarter.
The Charlotte, N.C.-based firm, which operates in Hawaii, reported a net loss of $7 million for the fiscal second quarter ended June 26. That compared with a net profit of $4.1 million for the same quarter last year.
Horizon said cargo volume in Hawaii was down, but still achieved an operating profit.
The company operates 20 U.S.-flag containerships linking the continental United States with Alaska, Hawaii, Guam, Micronesia and Puerto Rico. The company also provides service between the U.S. West Coast and China.