1999 Second Quarter Results

Second quarter operating income was $140,417, a decrease of $270,455 from the $410,872 operating income in the year earlier period and an increase of $2,218,852 from the operating loss in the first quarter of 1999. Operating income was lower compared to the year earlier period due to $709,335 of additional costs related to the disruption resulting from the loss of use of the San Juan ramp structure due to Hurricane Georges. Compared to the first quarter of 1999, operating income was higher primarily due to $1.7 million less of costs related to the disruption resulting from the loss of use of the San Juan ramp structure and the effect of improved results on the Atlantic Highway service. As a result, Trailer Bridge's operating ratio was 99.4% during the second quarter of 1999 compared to the 97.8% operating ratio during the year earlier period and the 109.1% during the first quarter of 1999. Net interest expense of $816,495 was up $613,595 from the year earlier period that included significant interest income on short-term investments. During the second quarter of 1999, Trailer Bridge also had a gain of $48,866 related to the sale of older trailer equipment.

The $709,335 of estimated additional costs related to the hurricane situation included $422,123 in operating and maintenance costs (comprised primarily of stevedoring and port related items), $257,883 in rent and purchased transportation (comprised primarily of terminal equipment rental, trucking expense in San Juan and the U.S. and revenue equipment rental), and $29,329 in salaries and wages.

The San Juan ramp structure was back in service in mid-April but further refinements were needed before stevedoring related costs began better resembling pre-Hurricane Georges levels as they did later in the quarter. Throughout the second quarter, stevedoring related costs lessened as Hurricane Georges related cost dissipated.

Loss before income taxes for the second quarter was $627,412, a decrease of $935,639 from the year earlier period. After income taxes, net loss for the second quarter was $399,377 compared to net income of $149,098 for the year earlier period. Net loss per share was $.04 for the second quarter compared to net income per share of $.02 for the year earlier period and net loss per share of $.17 for the first quarter of 1999.

At June 30, 1999, cash amounted to $3.3 million and stockholders equity was equal to $29.3 million.

For the second quarter of 1999, total volume to Puerto Rico including cars and other vehicles grew 36.6% compared to the same period last year, well above the 2.7% increase in deployed vessel capacity. Total volumes from Puerto Rico grew 15.4% or also well above the growth in deployed vessel capacity. During that period, total revenue to and from Puerto Rico increased 27.1% and 4.0%, respectively, implying reductions of 7.0% and 9.9%, respectively, in the overall average yield on Trailer Bridge's Puerto Rico business compared to the same period last year. Compared to the first quarter of 1999, the overall average yield on Trailer Bridge's business to Puerto Rico decreased 2.1% and the overall average yield on business from Puerto Rico decreased 1.1%. The Company's Puerto Rico deployed vessel capacity utilization during the second quarter was 90.6% to Puerto Rico and 30.6% from Puerto Rico. These were above comparable figures of 68.1% and 88.8% to Puerto Rico and 28.0% and 26.8% from Puerto Rico during the second quarter of 1998 and first quarter of 1999, respectively. They are, however, well below the benchmark utilization of 96.0% and 51.6% to and from Puerto Rico achieved during all of 1995.

During the second quarter of 1999, total volume on the Atlantic Highway leg increased 36.6% and 122.5% southbound and northbound, respectively, compared to the first quarter. Overall vessel capacity utilization on the Atlantic Highway segment in the second quarter was 19.2% southbound and 10.3% northbound.

John D. McCown, Chairman and CEO, said: "Importantly, this quarter saw the last of operating costs distorted by the effects of Hurricane Georges and our operating results, particularly on a cash flow adjusted basis, demonstrate continuing underlying improvement. Meanwhile, more than 10 million ton-miles of domestic freight was switched from road or rail to our Atlantic Highway service during the second quarter. While we must increase volume on the Atlantic Highway further, we are encouraged by the actual trends and the increased interest we are generating as more shippers become aware of this win-win alternative that exists today."

Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico as well as the new Atlantic Highway service connecting the Northeast and the Southeast by water as a third alternative to road and rail, bringing efficiency, environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers, U.S. flag vessels and marine facilities in Jacksonville, New York and San Juan. Trailer Bridge's founder and majority stockholder is Malcom P. McLean, the transportation pioneer who invented containerization forty years ago.

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, changes in demand for transportation services offered by the Company, and changes in rate levels for transportation services offered by the Company.

                   TRAILER BRIDGE, INC.
                 STATEMENTS OF OPERATIONS
                       (Unaudited)

                                              Three Months
                                             Ended June 30,
                                           1999          1998

OPERATING REVENUES.................... $22,686,417   $18,408,322
OPERATING EXPENSES:
 Salaries, wages, and benefits........   3,898,023     3,931,179
 Rent and purchased transportation:
  Related Party.......................   1,829,100     1,829,100
  Other...............................   6,694,947     4,276,614
 Fuel.................................   1,607,744     1,381,577
 Operating and maintenance
  (exclusive of depreciation shown
   separately below)..................   5,353,351     3,957,817
 Taxes and licenses...................     174,587       116,885
 Insurance and claims.................     634,908       409,253
 Communications and utilities.........     206,156       212,359
 Depreciation and amortization........   1,156,611       891,088
 Other operating expenses.............     990,573       991,578
                                        ----------    ----------
                                        22,546,000    17,997,450
                                        ----------    ----------
                                        
OPERATING (LOSS) INCOME...............     140,417       410,872
NON OPERATING INCOME (EXPENSE):
 Interest expense, net                    (816,695)     (203,100)
 Gain on sale of equipment, net             48,866       100,455
                                         ----------    ----------
                                          (767,829)     (102,645)
                                        ----------    ----------

(LOSS) INCOME BEFORE BENEFIT
 (PROVISION) FOR INCOME TAXES             (627,412)      308,227
BENEFIT (PROVISION) FOR INCOME TAXES       228,035      (159,129)
                                        ----------    ----------
NET (LOSS) INCOME                         (399,377)      149,098
                                        ----------    ----------
NET (LOSS) INCOME PER SHARE...........  $    (0.04)   $     0.02
                                        ----------    ----------
WEIGHTED AVERAGE SHARES OUTSTANDING...   9,777,500     9,777,500