REGISTRATION RIGHTS AGREEMENT









                                 by and between









                              TRAILER BRIDGE, INC.









                                       and









                      TRANSPORTATION RECEIVABLES 1992, LLC

















                            Dated as of May 23, 2002















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                                TABLE OF CONTENTS



                                                                            Page

                                                                            ----



ARTICLE I

DEMAND REGISTRATIONS..........................................................1



1.1           Requests for Registration.......................................1

1.2           Limitations on Demand Registrations.............................2

1.3           Effective Registration Statement................................2

1.4           Priority on Demand Registrations................................2

1.5           Selection of Underwriters.......................................2

1.6           Other Registration Rights.......................................2



ARTICLE II

OTHER REGISTRATIONS............................................................3



2.1           Right to Piggyback...............................................3

2.2           Priority on Registrations........................................3

2.3           Other Registrations..............................................3



ARTICLE III

REGISTRATION PROCEDURES........................................................3





ARTICLE IV

REGISTRATION EXPENSES..........................................................7



4.1           Company's Fees and Expenses......................................7

4.2           Fees of Counsel to Stockholders..................................7



ARTICLE V

UNDERWRITTEN OFFERINGS.........................................................7



5.1           Demand Underwritten Offerings....................................7

5.2           Incidental Underwritten Offerings................................8



ARTICLE VI

INDEMNIFICATION................................................................8



6.1           Indemnification by the Company...................................8

6.2           Indemnification by Stockholders..................................9

6.3           Indemnification Procedures......................................10

6.4           Indemnification of Underwriters.................................11

6.5           Contribution....................................................11

6.6           Timing of Indemnification Payments..............................12





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ARTICLE VII

RULE 144......................................................................12





ARTICLE VIII

MERGERS, ETC..................................................................12





ARTICLE IX

DELIVERY OF INFORMATION FOR RULE 144A TRANSACTIONS............................13





ARTICLE X

Obligations of Stockholders...................................................13





ARTICLE XI

DEFINITIONS...................................................................13





ARTICLE XII

MISCELLANEOUS.................................................................15



12.1          No Inconsistent Agreements......................................15

12.2          Remedies........................................................15

12.3          Amendments and Waivers..........................................15

12.4          Successors and Assigns..........................................15

12.5          Notices.........................................................15

12.6          Headings........................................................16

12.7          Gender..........................................................16

12.8          Invalid Provisions..............................................16

12.9          Governing Law...................................................17

12.10         Counterparts....................................................17











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                          REGISTRATION RIGHTS AGREEMENT



        This Registration Rights Agreement (the "Agreement"), dated as of

May 23, 2002, is by and between Trailer Bridge, Inc., a Delaware corporation

(the "Company"), and Transportation Receivables 1992, LLC (Transportation

Receivables 1992, LLC and any Transferee are collectively referred to herein as

the "Stockholders"). Capitalized terms used and not otherwise defined herein

have the respective meanings ascribed thereto in Article XI hereof.



                                   ARTICLE I

                              DEMAND REGISTRATIONS

                              --------------------



        1.1     Requests for Registration.



        (a)     Subject to Section 1.2 hereof, at any time and from time to time

on or after the date hereof, the Stockholders holding a majority of the

outstanding Registrable Securities (the "Majority Holder") may request

registration under the Securities Act of all or part of their Registrable

Securities, which registration shall be filed on Form S-1 or any similar long-

form registration available to the Company ("Long-Form Demand Registration").

Thereafter, the Company will use its best efforts to promptly effect the

registration of such Registrable Securities under the Securities Act on such

long form requested by the Majority Holder. The registration requested pursuant

to this Section 1.1 is referred to herein as a "Demand Registration.") Upon

receipt of a request for a Demand Registration, the Company will give prompt

written notice (in any event within three (3) Business Days after its receipt of

such request) of the request for a Demand Registration to all Stockholders not

making such request and will include in such Demand Registration all Registrable

Securities with respect to which the Company has received written requests for

inclusion therein within twenty-five (25) days after the receipt of the

Company's notice. The Majority Holder may, at any time prior to the effective

date of the registration statement relating to any Demand Registration, revoke

such Demand Registration request by providing written notice to the Company, in

which case the Majority Holder shall bear all expenses of such withdrawn

registration, including without limitation those set forth in Article IV hereof,

pro rata on the basis of the number of their Shares so included in the

registration request, and provided, further, that such registration shall not be

counted as a registration pursuant to Section 1.2. Notwithstanding the preceding

sentence, the Majority Holder may elect to have such withdrawn registration

count as a registration pursuant to Section 1.2, in which event the Company

shall bear such expense as set forth in Article IV relating to such withdrawn

registration.



        (b)     The Majority Holder may request that the Company prepare and

file with the Securities and Exchange Commission (the "SEC") a registration

statement for an offering to be made on a delayed or continuous basis pursuant

to Rule 415 of the Securities Act (a "Shelf Registration") registering the

resale from time to time by the Stockholders of all or part of their Registrable

Securities (the "Initial Shelf Registration"). The registration statement shall

be on an appropriate form, at the Company's discretion, permitting registration

of such Registrable Securities for resale by the Stockholders. If the Initial

Shelf Registration or any Subsequent Shelf Registration ceases to be effective

for any reason at any time, the Company shall use its best efforts to obtain the

prompt withdrawal of any order suspending the effectiveness thereof,









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and in any event shall, within forty-five (45) days of such cessation of

effectiveness, amend the Shelf Registration in a manner reasonably expected to

obtain the withdrawal of the order suspending the effectiveness thereof, or to

promptly file an additional Shelf Registration covering all of the Registrable

Securities (a "Subsequent Shelf Registration").



        1.2     Limitations on Demand Registrations. The Stockholders, as a

group, shall be entitled to (i) two (2) Long-Form Demand Registrations, and

(ii) or at any time when the Company qualifies for the use of Form S-3,

unlimited registrations on Form S-3, including pursuant to Rule 415 under the

Securities Act, provided that (a) aggregate expected proceeds of each such

registration exceed $1,000,000, and (b) the Company shall not be obligated to

effect a registration on Form S-3 more than once in any twelve (12) month

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