ISC Reports Negative Impacts of Sequestration in Q3 2013

MarineLink.com
Thursday, October 31, 2013
ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC)  reported a net loss of $2.2 million for the three months ended September 30, 2013, which included a $2.0 million reduction from the impact of sequestration on the U.S. Maritime Security Program and $1.6 million charge from the refinancing of various U.S. Flag vessel collateralized loans into one senior $95 million debt facility.

Third quarter 2013 highlights

  • Reported adjusted net income of $1.4 million for the three months ended September 30, 2013 excluding non-recurring charges of $3.6 million
  • Completed a refinancing of its U.S. Flag fleet debt facilities, with a $45 million term loan and increasing its line of credit from $30 million up to $50 million. The new Facility also adds an accordion feature for up to an additional $50 million Facility
  • Declared a third quarter dividend of $0.25 per share of common stock payable on December 3, 2013 to shareholders of record as of November 15, 2013
  • Paid a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on October 30, 2013

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated:
“During the third quarter, we continued to execute our strategy of operating a diversified fleet on medium to long-term contracts in niche markets while taking steps to strengthen our balance sheet. Our recent refinancing has bolstered our financial flexibility and enhancedour ability to capitalize on further growth opportunities. Additionally, we recently continued our commitment to maintaining our Company’s leadership position in the Jones Act dry bulk market by exercising the buy-out option on a Jones Act integrated tug/barge unit which we had previously operated under a sale and leaseback arrangement.

“Given our stable cash flows and strong contract coverage, our Board of Directors has declared a common stock dividend of $0.25 per share for the third quarter. We remain committed to returning value to our shareholders, and we continue to explore accretive acquisition opportunities as they arise in the current environment.”
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Bulk Carrier Trends

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

Bulker Chief Engineer Convicted of Environmental Crimes

A chief engineer from the M/V Trident Navigator was convicted by a federal jury in New Orleans late yesterday after a week-long trial, of knowingly falsifying the

Wrecked Bulker’s Bow Refloated, Scuttled off S.Africa

TITAN Salvage, Crowley Maritime Corp.'s Houston-based marine salvage, emergency response and wreck removal company, has refloated and scuttled the largest section of the wrecked bulk carrier, Smart.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

RoRo

MacGregor RoRo Cargo Access Package For Ferry

MacGregor, part of Cargotec, has received a contract from German shipbuilder Flensburger-Schiffbau-Gesellschaft (FSG) for a comprehensive RoRo cargo access equipment package.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Great Lakes Ore Volumes Surpass 2013 Figures

Shipments of iron ore on the Great Lakes totaled 5.9 million tons in November, an increase of 5.8 percent compared to a year ago. That increase finally pushed the

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.5663 sec (2 req/sec)