Financial results are being presented on a continuing operations basis, excluding discontinued logistics operations.
On a GAAP basis, the third-quarter net loss from continuing operations totaled $126.5 million, or $4.09 per diluted share, on revenue from continuing operations of $321.9 million. On an adjusted basis, the company recorded a third-quarter net loss from continuing operations of $5.6 million, or $0.18 per diluted share, after excluding charges totaling $120.9 million, after tax, or $3.91 per share. The pre-tax charges include a $117.5 million goodwill impairment charge, as well as a $2.2 million impairment of our Guam cranes, which have been classified as held for sale. The pre-tax charges also include $0.7 million for antitrust-related legal fees, $0.3 million of non-cash interest accretion related to a legal settlement, $0.1 million for employee severance, and a tax expense impact of $0.1 million.
Certain qualitative and quantitative factors, including a deterioration in earnings and the expected shutdown of the FSX service, indicated that the company may have goodwill impairment. Although the Company has not yet completed its analysis due to the complexities involved in determining the implied fair value of goodwill, it has concluded that an impairment loss is probable and can be reasonably estimated. The pre-tax $117.5 million goodwill impairment charge represents the company's best estimate at this time. The Company's estimated $117.5 million impairment charge is due to the reduction in projected earnings as well as an appreciation in the fair value of certain long term assets above book value. The final amount of the impairment charge will be determined in the fourth quarter of 2011 and may require an adjustment to the estimated amount, which may be material.
In 2010, Horizon Lines reported third-quarter net income from continuing operations of $8.2 million, or $0.''26 per diluted share, on revenue of $297.6 million. On an adjusted basis, net income from continuing operations totaled $11.4 million, or $0.37 per diluted share, after excluding impairment charges, antitrust-related legal expenses, costs for early retirement of certain union employees, and tax adjustments totaling $3.2 million, or $0.11 per share.
Container volume for the 2011 third quarter totaled 80,155 loads, a 22.0% increase from 65,726 loads for the same period a year ago. The volume growth was due to the company's new China service, which began operating in December 2010. Excluding China revenue loads in the third quarters of 2011 and 2010, 2011 volume totaled 62,882 loads, a decrease of 2,294 loads, or 3.5%, from 65,176 loads a year ago. Relative to the 2010 third quarter, volumes were up in Guam, and down in Alaska, Hawaii and Puerto Rico.
Container rates, net of fuel, for the 2011 third quarter fell 12.4% to $2,843 from $3,247 a year ago. The reduction was due to the addition of volume in the company's China service, with lower average rates, and continuing pricing pressures in Puerto Rico. Excluding China, container rates, net of fuel, rose 0.4% to $3,267 in the third quarter from a year ago.
The company's vessels delivered 83% on-time performance, measured to the minute, in the third quarter, 10 percentage points below the 93% on-time performance recorded in the same quarter a year ago. The decline was mostly due to delays in the trans-Pacific service related to fog, port congestion and typhoon activity in Asia, as well as hurricane avoidance in the Puerto Rico tradelane. Combined on-time performance, measured to the minute, for Alaska, Hawaii and Puerto Rico was 87%.
Vessel utilization was 61% during the quarter, compared with 58% in 2010, due largely to an increase in westbound China volumes. Vessel availability remained near 100%, a result of the company's comprehensive fleet maintenance program.
"The third quarter was adversely impacted by continued and growing losses in our trans-Pacific serv
