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International Shipholding Corp News

06 Feb 2014

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, the company owns and operates a global fleet of waterborne cargo vessels. ISH recorded annual revenue of more than $310 million in its just concluded 2013 fiscal year. After Hurricane Katrina, recovery challenges led the company to relocate its corporate headquarters to Mobile.

03 Nov 2011

Jerry Nagel Receives Breakbulk Lifetime Achievement Award

Jerry Nagel, chairman of the board at Rickmers-Linie (America)

Jerry Nagel, chairman of the board at Rickmers-Linie (America) was the recipient of the 8th annual Lifetime Leadership and Achievement Award at the Wed., Oct. 26 kickoff of the 22nd annual Breakbulk Transportation Conference and Exhibition at the New Orleans Convention Center, attended by more than 3,600 breakbulk and heavy-lift industry executives. Nagel, 62, has spent much of the past decade working as president and CEO at Rickmers-Linie (America) in Houston, where he oversaw the expansion of the carrier's business in the Americas.

07 Jul 2000

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 effectively ranks senior to the unsecured notes. Previously, the unsecured notes carried a rating equal to the corporate credit rating, as the proportion of secured debt was less material.

25 Jul 2007

Rail Ferry Links Mobile With Mexico

International Shipholding Corp. is set to receive a 580-ft. vessel that sails between Mobile and Mexico loaded with 115 rail cars, according to AP. International Shipholding moved its corporate headquarters to Mobile from New Orleans after Hurricane Katrina. The rail ferry shipments began in May with the Bali Sea. A second ship, the Banda Sea, is set to arrive Monday to expand the service. The rail cars at the terminal are filled with products, such as wood, chemicals and metals, bound for the Port of Coatzacoalcos, Veracruz in Mexico.

24 Jan 2003

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 $65.9 million during the same period in the previous year. For the year ended Dec. 31, the company recorded revenues of $217.7 million versus $289.9 million during the previous year. This is countered with reduced voyage expenses (Three months ended $45.9 million vs. $53.5 million in 2001; 12 months ended $177.8 million vs.

30 Jul 2001

ISH Put On Watch After Announcement

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. 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.

06 Aug 1999

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.