International Shipholding sees profit jump

International Shipholding sees profit jump    International Shipholding Corp. said it had sharply higher first quarter profit of $9.5 million compared to $4.7 million in the same 2008 period.
   Revenue for the Mobile-based company increased 54 percent to $98.1 million from $63.7 million for the first quarter of 2008.

Niels M. Johnsen

   'During a challenging economic environment, International Shipholding Corp. generated strong operating results for the first quarter of 2009,” said Niels M. Johnsen, chairman and chief executive officer of International Shipholding.
   The company “implemented proactive measures to minimize the impact of current market conditions by continuing to execute its longstanding strategy of maintaining an underlying portfolio of medium to long-term contracts of affreightment and time charters backed by quality counterparties,' Johnson said.
   About 90 percent of the firm’s revenue is generated from contracts, and the firm is “well positioned to operate through this industry downturn, he said. “In addition, our continued success deleveraging the company's balance sheet has positioned International Shipholding Corp. with significant financial flexibility to take advantage of favorable vessel acquisition and cargo contract opportunities that may arise.'