International Shipholding reports profit

International Shipholding reports profit    International Shipholding Corp. reported first quarter net profit of $24.1 million compared to net profit of $10.6 million in the same 2010 period.
   The higher profit came even though revenue was lower: $64.3 million in the first quarter compared to $72.9 million in the same 2010 period.
   Profit included a $1.4 million gain on the sale of a bulk carrier.
   “We are pleased with our performance for the quarter as our fleet of diversified vessels continued to operate as expected,” said Niels M. Johnsen, chairman and chief executive officer.
   The company increased the percentage of direct ownership in its fleet by acquiring a capesize vessel and a new handymax ship scheduled for delivery in the first quarter of 2012.
   “Through this transaction we were able to recognize the value of these assets which represents the basis for a $18.7 million gain,” Johnsen said.
   The company also exercised previously negotiated early buyout options to purchase two car carriers from the current lessor, he added.
   International Shipholding said CG Railway, the rail car ferry that it operates between Mobile and Coatzacoalcos, Mexico, reported higher results for the quarter as compared to the first quarter of 2010. Northbound cargo volumes improved, primarily due to the carriage of seasonal cargoes, while southbound cargoes were at maximum capacity, the company said.