International Shipholding results get boost from ship sale

International Shipholding Corp. reported second quarter profit of $18 million compared to $7 million in the same 2007 period.

Revenue in the most recent quarter was $58.1 million compared to $47.3 million in the comparable 2007 period.

The company noted that second quarter net income included a $15.1 million gain from the sale of a Panamax bulk carrier in which the company had a 50 percent ownership interest. Net income in the comparable 2007 second quarter included net income from discontinued LASH operations of $3.5 million. Excluding the aforementioned items, net income for the second quarter of 2008 was $2.9 million compared to $3.5 million for the comparable 2007 period.

The company said its rail ferry service between Mobile, Ala., and Mexico met its budgeted results and generated its best returns to date, while the carriage of supplemental cargoes on its U.S.-flag pure car truck carrier fleet lagged when compared to the first six months of 2007. Results of the company's U.S.-flag coal carrier were lower in the second quarter of 2008, as compared to the comparable 2007 period, primarily due to less operating days in the quarter. 

Source: American Shipper