Trailer Bridge Announces Third Quarter Results

 Will Hold Financial Community Conference Call on November 10th at 4:30 P.M.

Total revenue for the three months ended September 30, 2004 was $23,938,849, an increase of $1,319,377, or 5.8%, compared to the third quarter of 2003. The effective revenue per container equivalent of all of the southbound cargo represented an increase of 5.9% from the year earlier period.

The Company's Jacksonville-San Juan deployed vessel capacity utilization during the third quarter was 94.9% to Puerto Rico and 28.6% from Puerto Rico compared to 93.3% and 25.3%, respectively, during the third quarter of 2003. The operating income for the third quarter ended September 30, 2004 improved to $1,898,233, an improvement of $2,050,637 compared to the operating loss of $152,404 in the prior year period. The operating ratio was 92.1% during the third quarter of 2004, compared to an operating ratio of 101.1% during the year earlier period and 92.9% during the second quarter of 2004.

Net income for the third quarter of 2004 was $1,154,205, an improvement of $2,017,424 compared to a net loss of $863,219 in the same period last year. After the effect of an undeclared preferred stock dividend and accretion of preferred stock discount related to the preferred stock held by its Kadampanattu Corp. affiliate, the Company recorded net income per diluted common share of $.05 in the third quarter of 2004 compared to a net loss per diluted common share of $.13 in the year earlier period, and net income per diluted common share of $.04 in the second quarter of 2004.

John D. McCown, Chairman and CEO, said, "The effects of an improving supply/demand equation continue to roll out and the underlying trends in our business remain very strong. Despite an unusually active hurricane season that caused some schedule disruption in September, Trailer Bridge still increased its total operating revenues for the quarter. Those sailings that were delayed were pushed into the fourth quarter, and now our vessels are back on schedule and the Company is busier than it was before these September storms."

Trailer Bridge will discuss third quarter results in a conference call on Wednesday, November 10th at 4:30 P.M. (Eastern Time). The dial in number is 888-737-9834. The call will also be simultaneously broadcast over the Internet. To listen to the live webcast, please go to www.trailerbridge.com and click on the conference call link. The conference call will be archived and accessible for approximately 30 days if you are unable to listen to the live call.

Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville and San Juan. Additional information on Trailer Bridge is available at the www.trailerbridge.com website.

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Without limitation, these risks and uncertainties include the risks of economic recessions, severe weather, changes in the price of fuel, changes in demand for transportation services offered by the Company, capacity conditions in the Puerto Rico trade lane and changes in rate levels for transportation services offered by the Company. (Tables to Follow)

                         TRAILER BRIDGE, INC.
                       STATEMENTS OF OPERATIONS
                              (Unaudited)



                         Three Months              Nine Months
                        Ended September           Ended September
                             30,                       30,
                 -------------------------- --------------------------
                     2004          2003         2004          2003
                 ------------  ------------ ------------  ------------
OPERATING
 REVENUES        $23,938,849   $22,619,472  $70,950,478   $64,372,005
OPERATING
 EXPENSES:
 Salaries,
  wages, and
  benefits         3,718,282     3,876,226   11,380,660    11,812,160
 Rent and
  purchased
  transportation:
   Related Party   1,849,200     1,849,200    5,507,400     5,487,300
   Other           5,905,275     6,753,222   17,194,071    18,387,416
 Fuel              2,484,525     2,172,924    7,156,918     6,663,494
 Operating and
  maintenance
  (exclusive of
  depreciation
  shown
  separately
  below)           5,514,750     5,373,578   17,125,726    15,894,626
 Taxes and
  licenses            50,819       163,441      136,538       534,559
 Insurance and
  claims             818,549       787,734    2,398,131     2,240,051
 Communications
  and utilities      120,830       146,745      371,979       382,105
 Depreciation and
  amortization       677,566       852,731    2,310,763     2,557,798
 Loss (Gain) on
  sale of
  equipment          (25,529)      (12,257)      (8,370)      (20,065)
 Other
  operating
  expenses           926,349       808,332    2,720,925     2,325,139
                 ------------  ------------ ------------  ------------
                  22,040,616    22,771,876   66,294,741    66,264,583
                 ------------  ------------ ------------  ------------
OPERATING INCOME
 (LOSS)            1,898,233      (152,404)   4,655,737    (1,892,578)

NONOPERATING
 EXPENSE:
 Interest
  expense and
  other, net        (746,761)     (710,815)  (2,156,283)   (2,151,871)
                 -------------------------- ------------  ------------

INCOME (LOSS)
 BEFORE
 (PROVISION)
 BENEFIT FOR
 INCOME TAXES      1,151,472      (863,219)   2,499,454    (4,044,449)

(PROVISION)
 BENEFIT FOR
 INCOME TAXES          2,733             -        2,733             -

                 ------------  ------------ ------------  ------------
NET INCOME (LOSS)  1,154,205      (863,219)   2,502,187    (4,044,449)

ACCRETION OF
 PREFERRED STOCK
 DISCOUNT           (131,991)     (171,414)    (437,235)     (808,036)

UNDECLARED
 DIVIDEND           (367,683)     (280,663)    (980,078)     (563,966)

                 ------------  ------------ ------------  ------------
NET INCOME (LOSS)
 ATTRIBUTABLE TO
 COMMON SHARES      $654,531   $(1,315,296)  $1,084,874   $(5,416,451)
                 ============  ============ ============  ============

PER SHARE
 AMOUNTS:

NET INCOME (LOSS)
 PER SHARE BASIC       $0.06        $(0.13)       $0.09        $(0.55)
                 ============  ============ ============  ============
NET INCOME (LOSS)
 PER SHARE
 DILUTED               $0.05        $(0.13)       $0.09        $(0.55)
                 ============  ============ ============  ============

     Trailer Bridge, Inc.
     John D. McCown, 800-554-1589
     www.trailerbridge.com
     or
     TRBR Investor Relations Counsel:
     The Equity Group Inc.
     Adam Prior, 212-836-9606
     or
     Devin Sullivan, 212-836-9608
     www.theequitygroup.com

©1998 Trailer Bridge, Inc.