International Shipholding sees lower profit

International Shipholding sees lower profit    International Shipholding Corp. said it had second quarter net profit of $9.6 million compared to $10.7 million in the same 2009 period.
   The Mobile, Ala.-based company, which has a diverse fleet of ships, had revenue of $85.1 million for the quarter ending June 30, compared to $99.8 million in the second quarter of 2009.
   The company said it expanded its owned fleet and placed two additional vessels on charters
   'During the most recent quarter, we agreed with our Norwegian partners to order two additional new mini-bulkers through our Oslo Bulk Joint Venture, bringing the total vessels on order to 10 vessels,” said Niels M. Johnsen, chairman and chief executive officer.
   “One of our United States-flag pure car-truck carriers, which had been trading on voyage-to-voyage contract cargoes since earlier this year, delivered under a newly negotiated long term-time charter effective this month. Furthermore, one of our international-flag pure car-truck carriers commenced performance under a previously negotiated medium term time charter.
   “Going forward, we will remain focused on growing and diversifying our shipping portfolio. Even though segments of our industry continue to experience volatility and uncertainty, we are confident that we will develop new growth opportunities,' Johnsen said.
   The company said its Mexico/U.S. rail ferry had lower revenue in the period as a result of lower northbound cargo volume.