Horizon Lines says Hawaii business partly to blame for lower operating revenue
Horizon Lines Inc., the second largest shipping company serving Hawaii, said the slumping economy here contributed to a decline in its operating revenue in the fourth quarter.
Charlotte, N.C.-based Horizon said operating revenue declined to $300 million in the fourth quarter, a 4.8 percent drop from the same three-month period a year earlier. The largest factor in the decline was a 4.2 percent drop in shipping volume caused by economic weakness in the various markets it serves, the company said.
“Specifically, these factors included a slowdown in retail expansion and cautions consumer sentiment in Alaska, a decline in visitors and construction in Hawaii, and the ongoing recession in Puerto Rico,” Horizon said in a news release.