Seaboard’s profits decline despite a surprise rate hike. Intra-American specialist Seaboard Marine’s operating profit fell 15% year-on-year to $96M in the first quarter of 2023, despite an increase in freight rates compared to a year earlier.
However, the company was penalized by a drop in cargo volumes, which fell 17% compared to the same period in 2022, pushing quarterly revenue down from $466M to $448M. have fallen again since the quarter, although Seaboard confirmed that it expected the marine segment to remain profitable throughout the year.
Following the first quarter results, Seaboard’s parent group, Seaboard Corporation, declared a quarterly cash dividend of $2.25 per share. During the quarter, Seaboard Marine invested USD 28M in part towards the purchase of the 1,012 teu LNG dual-fuel ELBBLUE, now renamed SEABOARD BLUE, purchased from USC Barnkrug.
The vessel, the former WES AMELIE, was the world’s first container ship to be converted from conventional diesel propulsion to LNG following an upgrade in 2017.
Source: Alphaliner
