International Shipholding renegotiates charters
International Shipholding Corp. last week reported second quarter net income of $10.7 million compared to $18 million in the second quarter of 2008.
Earnings in the prior-year period were boosted $15.1 million by the one-time sale of a Panamax bulk carrier.
The company had second quarter revenue of $99.8 million compared to $61.1 million in the same 2008 period.
The company’s “strategy of maintaining a diversified portfolio of medium to long-term contracts for our fleet, combined with the success of supplemental cargo volumes, continued to serve the company well,' said Niels M. Johnsen, chairman and chief executive officer. 'While supplemental cargo volumes may not continue at these levels, our contract mix positions the company to continue to achieve predictable results.”
Johnsen said the company successfully renegotiated the company's two international flag container vessel time charters. This was “a positive development for the company; however, the necessity for our renegotiation underscores the severely depressed state of the international container vessel market,” he said.
The company said its rail ferry service between Mobile and Coatzacoalcos, Mexico, “although showing improved results from the previous quarter, reported lower results in the current 2009 quarter as compared to the 2008 quarterly results. This segment continues to be impacted by the economic market conditions.”