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International Shipholding Corporation Reports Second Quarter 2011 Results

Stocks in this article: ISH

International Shipholding Corporation (NYSE: ISH) today announced the financial results for the quarter ended June 30, 2011.

Second Quarter 2011 Highlights

  • Generated net income of $2.8 million for the three months ended June 30, 2011
  • Secured permanent financing for the early buy-out option of two car carriers
  • Took delivery of two mini bulkers as part of our Oslo Bulk Joint Venture

Net Income

The Company reported net income of $2.8 million for the three months ended June 30, 2011. For the comparable three months ended June 30, 2010, the Company reported net income of $9.6 million.

Mr. Niels M. Johnsen, chairman and chief executive officer, stated: “During a time when our fleet of diversified vessels performed as expected, our newly acquired vessels commenced their commercial operations. We secured permanent financing to acquire the two car carriers we agreed to purchase in the first quarter by exercising our early buy-out options with the lessors. Additionally, we took delivery of two mini bulkers as part of our Oslo Bulk Joint Venture. The tenth and final vessel of this joint venture was delivered on July 20 th, 2011.

“Entering the second half of 2011, we continue to maintain a diversified portfolio of medium to long-term contracts which enables the Company to achieve predictable cash flows during a time when market conditions are volatile. Volatile markets produce opportunities, and we continue to seek opportunities to both grow the Company and to create additional shareholder value.

“In continuing our dividend policy, our Company’s Board declared a second quarter dividend payment of $0.375 per share.”

Operating Income

The Company’s Gross Voyage Profit, representing the operating results of its five segments, decreased from $18.6 million to $12 million. The lower results are directly attributable to reduced supplemental cargo volumes. While supplemental cargoes in the second quarter of 2010 were above historical levels, they have returned to normal levels in 2011, as expected. Excluding the impact of the supplemental cargoes, results of the Company’s U.S. Flag Time Charter segment for the second quarter of 2011 were comparable to the 2010 second quarter. The International Flag Time Charter segment results were slightly lower compared to the prior year period. The three Handysize vessels, which operated in the second quarter of 2011, generated satisfactory results; however, these results were offset by the loss of the Company’s International Flag container vessel, which was scrapped in the third quarter of 2010. The results in the second quarter of 2011 of the Contract of Affreightment segment were slightly lower than the 2010 second quarter due to a drop in tonnage moved. The Company’s Rail Ferry segment reported higher results for the quarter as compared to the second quarter of 2010, as northbound cargo volumes in 2011 continue to outpace the 2010 period. The Company’s Other segment, reflecting an increase in chartering brokerage income, had improved results in the 2011 second quarter as compared to the 2010 second quarter. Administrative and general expenses during the second quarter of 2011 were comparable to the 2010 second quarter expenditure levels.

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