International Shipholding sees higher profits

International Shipholding sees higher profits    International Shipholding Corp. said it had first quarter net profit of $10.6 million compared $9.5 million in the first 2009 period.
   Revenue for the first quarter of 2010 was $72.9 million, down from $98,1 million in the same 2009 period.
   'We had a strong start to 2010. Given continued challenging times for the shipping industry, our focus on a diversified portfolio of medium to long-term contracts has proven to be a sound strategy, allowing us to once again achieve solid operating results,” said Niels M. Johnsen, chairman and chief executive officer. “As we have demonstrated through our transactions over the past six months, our goal is to continue to grow and diversify our fleet portfolio. During the first quarter, we strengthened our balance sheet, which provides us with financial flexibility to pursue growth opportunities in 2010.'