International Shipholding’s 1st quarter profits cut in half

International Shipholding’s 1st quarter profits cut in half    New Orleans-based International Shipholding Corp. reported a 49 percent drop in net income for the first quarter to $2.1 million from $4.1 million a year earlier, which it attributed to its U.S. flag coal carrier being laid up during the period.
   Operating income declined $2.5 percent from $5 million, with revenue flat at $68.3 million, compared to $68.8 million in the corresponding quarter 2005.
   International Shipholding said its foreign-flag transatlantic and U.S.-flag Lighter Aboard Ships (LASH) liner services both “showed some improvement” in the three month period. International Shipholding’s subsidiaries Waterman Steamship and Forest Lines operate the LASH vessels.
   “The lower 2006 results over the comparable 2005 period are primarily the result of our U.S. flag coal carrier being out of service for the entire quarter undergoing repairs and a special survey dry docking as well as the first quarter of 2005 including a gain of $1.225 million on the sale of a cement carrier vessel owned by one of our unconsolidated entities,” International Shipholding said.
   “After completion of repairs, dry docking and repositioning in June, our U.S. flag Coal Carrier will continue the vessel’s firm time charter employment.”