ISH Put On Watch After Announcement

Monday, July 30, 2001
Standard & Poor's placed its ratings for International Shipholding Corp. (ISH) on CreditWatch with negative implications. The CreditWatch placement reflects the company's announcement that it intends to dispose of a substantial amount of specialized shipping assets whose profitability is weak. ISH will continue to operate these assets until a sale is completed. Although proceeds are expected to be used to reduce debt and the disposal will eliminate a significant amount of related overhead expense, the uncertain timing of the sale and weaker recent results in the company's other business segments are likely to pressure the company's historically stable credit profile. Although ISH has recently improved its liquidity, ratings could be lowered modestly unless the pending restructuring creates a solid improvement in the financial profile. ISH is a holding company, with subsidiaries providing specialized vessels for charter by ocean shippers. Fleet size is modest, but there is adequate diversification by market and ship type. - (Reuters)
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1194 sec (8 req/sec)