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International Shipholding

International Shipholding, Seminole Settle Litigation

Seminole Electric Cooperative Inc. has reportedly paid $23 million for a settlement of shipping-related litigation with Central Gulf Lines Inc., a wholly owned subsidiary of International Shipholding Corp.


ISH Buys Integrated Tug/Barge Unit

International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services. Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “Exercising our buy-out option on this integrated tug/barge unit further solidifies our commitment to maintaining our


S&P Cuts International Shipholding Ratings

Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1, 2003. The corporate credit rating on the company is affirmed. The downgrade on the notes is based on the increased proportion of secured debt in the company's capital structure, which has been used to finance the acquisition of additional vessels(primarily car carriers) over the past year and which


International Shipping Corp Public Share Offering

US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs


ISH: Steel Import Sanctions Hurt 4Q Earnings

International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65


Osprey to be De-listed from Singapore Exchange

Marine and chartering services provider Osprey Maritime Ltd said on Friday it will be de-listed from the Singapore Exchange on May 15 following its acquisition by World Shipholding Group owned by Norwegian magnate John Fredriksen. Company officials said that after a public tender, World Shipholding now owned about 98.6 percent of the firm's existing share capital and a de-listing was necessitated as it was not feasible to restore a minimal free float.


Seaarland and OSG Set up Suezmax Pool

Amsterdam-based Seaarland Shipping Management and New York-based Overseas Shipholding Group have set up Suezmax International, a commercial pool which will initially operate eight tankers. The Suezmax International Pool is co-managed by in and OSG Ship Management Inc. in . OSG and Seaarland have committed eight ships to the pool so far: the Overseas London, Overseas Newcastle, Genmar Hope, Elisewin, and four newbuildings due for delivery from Nantong Rongsheng Shipbuilding, during  2009


Marine Money Istanbul Ship Finance Forum

Photo: Marine Money

Registration is open for the 10th Annual Marine Money Istanbul Ship Forum on May 22, 2013 at the Swissotel - The Bosphorus. Meet with shipping professionals to hear about how to position your business in these challenging times. The latest issues in Turkish shipping and ship finance will be discussed by industry experts in Istanbul. Confirmed to-date speakers and sponsors include, among others, AlixPartners UK LLP, AKT Law Firm, Besiktas Shipyard, Geden Line


LR Classed Ships Head USCG Qualship List

The United States Coast Guard (USCG) initiated the Qualship program on January 1, 2001 to reward quality owners. Lloyd's Register classed ships dominate the latest USCG list, with more quality ratings than any other classification society. These ships will all benefit from less frequent USCG inspections. Among the 41% of ships that are classed by Lloyd's Register are those owned by AP Moller, P & O Nedlloyd, Overseas Shipholding Group, Shell International and BP Amoco.


Tanker Coated with Intersleek 900

International Paint Ltd. announced the completion of coating work on one of the world’s largest crude oil carriers, the 442,500 dwt V-Plus TI Africa. Owned and operated by Overseas Shipholding Group, Inc. (OSG), the 2002 Korean built vessel, one of four sister ships, recently drydocked in Dubai. T The decision to use the unique patented, Intersleek 900 fluoropolymer foul release coating was based on experience with Intersleek 700 silicone based products on three OSG owned VLCC’s.


Overseas Shipholding CEO Capt. Robert Johnston to Retire

Chief Executive Officer Capt. Robert Johnston

  Overseas Shipholding Group, Inc. announced today that Captain Robert Johnston, President and Chief Executive Officer, will retire from the company effective immediately. He will continue to advise the company as a consultant through mid-2015.


Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of


ISC Profit Slip in Q2 2014 but Pay Dividend

Jones Act bulk carrier: Image courtesy of ISC

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,000 for the three months ended June 30, 2014. For the comparable three months ended June 30, 2013


ISC Declares Preferred Stock Dividends

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation inform that its Board of Directors has declared a dividend of $2.375 per share on its Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE:ISHPRA) and a dividend of $2.25 per share on its Series B Cumulative Redeemable Perpetual Preferred Stock


Container Shipper Nautilus Files for Bankruptcy

Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S


Nordic Shipholding's Establishses JV

nordic.gif

Nordic Shipholding A/S has been informed that Pacific Alliance Group (“PAG”), which controls Nordic Shipholding’s majority shareholder, Nordic Maritime S.á r.l., has entered into an agreement with BW Group regarding the establishment of a joint venture to target a


ISC Expects Faltering Q1 2014 Financial Results

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3


SCI Announces Silver Bell Honorees

Jim McNamara (left) and Orrin H. Ingram

The Seamen’s Church Institute (SCI) announces the recipients of awards it will confer at its 37th Annual Silver Bell Awards Dinner in New York City on Thursday, June 5, 2014. SCI presents the Silver Bell Award, in recognition of outstanding leadership in the maritime community, to Orrin H


OSG Withdraws Authorization to Sell Assets

Photo: Euronav

On February 4, 2014, Euronav announced that it had formed a joint venture with GSO Capital Partners LP (GSO) for the purpose of potentially purchasing some vessels from certain subsidiaries of Overseas Shipholding Group (OSG) who are currently in bankruptcy proceedings under Chapter 11 of the


Change of Technical Manager at Nordic

Nordic Shipholding A/S has appointed Thome Ship Management Pte Ltd and Columbia Shipmanagement (Singapore) Pte Ltd as new technical managers of its vessels replacing TB Marine Shipmanagement GmbH & Co. KG. The change in technical manager involves one-off costs.  


International Shipholding Returns to New Orleans

Gov. Jindal at a press conference Wednesday afternoon at the Port of New Orleans Administration Building, joined by ISH President Erik Johnsen (left of Gov. Jindal) New Orleans Mayor Mitch Landrieu (to the left of Johnsen), Port of New Orleans President and CEO Gary LaGrange (far right), Louisiana Secretary of Economic Development Stephen Moret (to the left of LaGrange) and a host of local and state elected officials.

Louisiana Governor Bobby Jindal and International Shipholding Corp. President Erik L. Johnsen announced the company will relocate its corporate headquarters from Mobile, Ala., to New Orleans, where the business was founded in 1947. Listed on the New York Stock Exchange as ISH


V.Ships to Take Over OSG's International Shipping

Overseas Boston

Overseas Shipholding Group, Inc. (OSG) today announced that it intends to outsource the technical management of its international flag shipping business to V.Ships, a third-party ship manager. The outsourcing contract with V.Ships is subject to the approval of the bankruptcy court


Nordic Maritime Takes Majority Stake in Nordic Shipholding A/S

In a major shareholder announcement Nordic Shipholding A/S informs that Nordic Maritime S.à r.l. has acquired a total of 308,791,660 shares  in Nordic Shipholding A/S and now directly holds 76.03 % of the share capital and voting rights in Nordic Shipholding A/S: summarised as


Nordic Maritime Exercises Option to Subscribe Further Shares

In light of the development of Nordic Shipholding A/S's cash position, as announced by the company in company announcement no. 11/13 published on December 13, 2013, Nordic Maritime has informed the company that it will exercise the option granted to Nordic Maritime in the conditional restructuring


Nordic Shipholding Salvation Re-structuring Plan Agreed

Nordic Shipholding tankship: Image courtesy of Nordic Shipholding

Nordic Shipholding has entered a conditional restructuring agreement with Nordic Maritime, who will take over Nordic Ship Holdings debt of about  US$ 58,000,000. The company inform that after the restructuring it will be a tonnage provider in the product tanker segment and the objective is






 
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