LASH ship sale for scrap boosts International Shipholding results

LASH ship sale for scrap boosts International Shipholding results International Shipholding Corp. said it had net income of $4.7 million for the three months ended March 31, including a $4.5 million pre-tax gain on the sale of a feeder LASH (Lighter Aboard Ship) vessel and LASH barges.
   The company had net income of $2.1 million in the first quarter of 2006.
   The company said its liner segment results, comprising a U.S.-flag LASH service and a transatlantic LASH service, were negatively impacted by lower cargo tonnage as compared to the same period in 2006.
   In April, the company said it entered into a memorandum of agreement to sell its U.S.-flag LASH vessel along with a complement of 76 LASH barges for delivery to a scrap yard. That delivery is expected to take place in early May.
   International Shipholding's time charter segment reported improved results, primarily due to higher volumes of supplemental cargoes and the operation of its U.S.-flag coal carrier for the full period. This vessel was out of service during the first quarter of 2006.
   The company’s contract of affreightment and rail ferry segments — it runs a rail ferry between the U.S. Gulf Coast and Mexico — saw slightly lower results in the first quarter.
   The company said construction of a second deck for the rail ferry vessels and a terminal progressed satisfactorily during the quarter, and its completion is expected by the end of the second quarter.