International Shipholding profits flat

International Shipholding profits flat       International Shipholding Corp. said it had third quarter net profit of $11.3 million, about equal to what it earned in the same period in 2008.
      Revenue in the quarter was $92.3 million compared to $84.3 million in the same 2008 period.
      'During the third quarter, the company once again benefited from its strategy of maintaining a diversified portfolio of medium to long- term contracts,” said Niels M. Johnsen, chairman and chief executive officer of the company and Niels W. Johnsen’s son. “We are also pleased to have maintained our balance sheet strength during a challenging time for the shipping industry. With significant financial flexibility, we are well positioned to opportunistically seek growth opportunities aimed at creating long-term value for all shareholders.'
      The company also announced the appointment to its board of directors of Kenneth H. Beer, senior vice president and chief financial officer of Stone Energy Corp; and Harris V. Morrissette, president of China Doll Rice and Beans and chairman of Azalea Aviation.
      Their appointments follow the planned resignations of Niels W.   
Johnsen, former International Shipholding Group chairman and CEO (and Niels M. Johnsen's father), and Edward K. Trowbridge, former CEO of insurer Atlantic Mutual.
      The company said that during the third quarter it agreed to a five- year contract extension with an Indonesian customer to service its mining operations.
      The company said its time charter segment posted slightly lower third quarter results primarily due to a decrease in operating days on the company's U.S.-flag coal carrier, the sale of one of its international flag container vessels and lower results from its operations in Indonesia. Partially offsetting these results were the continued carriage of supplemental cargoes on its U.S.-flag pure car truck carrier fleet.
      It said its contract of affreightment segment had improved results compared to the prior year period primarily as a result of more cargo moved during the quarter and that its rail ferry between Mobile and Mexico has lower results because of the impact of economic conditions on shipment of consumer commodities.