ISC Expects Faltering Q1 2014 Financial Results

MarineLink.com
Tuesday, April 15, 2014
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 $3.3 million to $3.7 million.

This result for the quarter is primarily attributable to lower than projected results from supplemental cargoes, repositioning days in the international dry bulk segment and out-of-service days in the Jones Act fleet related to both adverse weather conditions and repairs due to a machinery casualty to one vessel, which have since been completed. As a result of this, the Company now expects its full year 2014 EBITDA to be in the range of $60 to $64 million.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, commented, “Results for the first quarter of 2014 primarily reflect the impact of three developments which we expect to be temporary in nature. First, while we expect the lower supplemental cargo results to persist into the second quarter, we anticipate increased demand in the second half of the year, which should bring our supplemental cargo results for that period closer to normalized levels for a typical year.

Second, to increase the number of revenue days in our international dry bulk segment, we are taking steps to place the vessels, as they complete existing voyages, on short to medium-term time charters.

Third, we have completed the repairs on our Jones Act vessel and it has returned to service. In conjunction with improved weather conditions, we expect the results from our Jones Act segment for the remainder of the year to be consistent with our original estimates.

“We believe the fundamentals of ISH’s business remain strong and the steps that we are currently taking, combined with our significant revenues from fixed contracts, position us for improvement through the second quarter and the remainder of the year. In addition, we remain poised to continue to evaluate attractive acquisition opportunities and have maintained our financial and strategic flexibility by receiving from our principal lenders a deferral of more stringent financial covenants from year-end 2013 through June 30, 2014."

About the Company

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

www.intship.com.

 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Bulk Carrier Trends

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

RoRo

VT Halter Powers Ahead

If you drive just south of I-10 in Pascagoula, Miss., within 10 minutes you find yourself on the doorstep of VT Halter Marine, arguably one of the more diverse and active shipyards in the U.

Post Panamax Car Carrier Enters Operation for WWL

Wallenius Wilhelmsen Logistics welcomed into operation the M/V Thermopylae, the first of its new generation of Post Panamax HERO (High Efficiency RoRo) PCTC vessels.

Kalmar RoRo forklifts for Messina Line

Kalmar, part of Cargotec, has clinched a further order to supply seven new Kalmar DCE330-RORO units to the leading Italian shipping firm Messina Line (Ignazio Messina & C S.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2225 sec (4 req/sec)