International Shipholding profit up

International Shipholding profit up

Johnsen

   International Shipholding Corp. said Friday it had fourth quarter net profit of $10.8 million compared to $4.8 million in the same 2008 period.
   The company said the profit included a one-time loss of $2.1 million on the sale of an obsolete foreign-flag container vessel.
   Revenue for the last quarter of 2009 was $89.8 million compared to $72.7 million in the same 2008 period.
   For the full year, the company had a profit of $42,2 million compared to $39 million in 2008. Niels M. Johnsen, chairman and chief executive officer, said, a “diversified portfolio of medium to long-term contracts produced the 2009 year results despite the global economic slowdown.
   'In addition, we grew our fleet with an agreement to purchase three new handy-size double-hull dry bulk carriers scheduled for deliveries between the fourth quarter of 2010 and the first quarter of 2011, and a participation in a joint venture that has contracted to build eight new mini-bulkers,” he said. “These two transactions have positioned us for growth by further diversifying our portfolio and increasing our long-term earnings potential. As we enter 2010, we will continue to seek accretive opportunities that align with our long-term growth strategy.'