ISC Files for Chapter 11 Protection
International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. The Company currently intends to continue operating in the normal course of business without interruption. To facilitate the Chapter 11 process, the Company has entered into a debtor-in-possession $16 million credit facility.
Ballast water treatment technology developer Ecochlor Inc. presented a project case study at CMA Shipping 2015, a case study which covered the retrofit of Ecochlor’s ballast water treatment system (BWTS) aboard the 2007-built RoRo car carrier vessel M/V Green Bay following an order from International Shipholding Corporation (ISH) in 2013. ISH ordered Ecochlor systems for seven of its ships, including vehicle carriers and bulk carriers, to be installed between 2014 and 2016. Installation and commissioning aboard U.S.-flagged M/V Green Bay, the first ISH vessel to receive the BWTS (a 500 cu.
Ecochlor Presents BWTS Case Study at CMA
Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered the retrofit of Ecochlor’s ballast water treatment system (BWTS) aboard the 2007-built ro/ro car carrier vessel M/V Green Bay following an order from International Shipholding Corporation (ISH) in 2013. ISH ordered Ecochlor systems for seven of its ships, including vehicle carriers and bulk carriers, to be installed between 2014 and 2016.
Hearing to Examine Status of US Merchant Marine
The U.S. Subcommittee on Coast Guard and Maritime Transportation, chaired by U.S. Rep. Duncan Hunter (R-Calif.), will hold a hearing next week to examine issues impacting the U.S. merchant marine, the fleet of U.S. documented, or flagged, commercial vessels which carries imports and exports during peacetime and becomes a naval auxiliary to deliver troops and war materiel during wartime. This hearing, entitled “The Status of the Merchant Marine,” is scheduled to begin at 9:30 a.m. on Wednesday, September 10, 2014 in 2167 Rayburn House Office Building.
ISC Profit Slip in Q2 2014 but Pay Dividend
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, the Company reported net income of $1.9 million, which included a non-cash operating gain of $1.8 million. Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “During the second quarter, our financial and strategic flexibility enabled us to make equity investments in joint ventures owning two new built chemical tankers and two asphalt tankers.
ISC Declares Preferred Stock Dividends
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 (NYSE:ISHPRB), each representing payment for the full ninety day period ending July 30, 2014. The dividend will be paid on July 30, 2014 to preferred shareholders as of record on July 29, 2014.
ISC Expects Faltering Q1 2014 Financial Results
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…
SCI Announces Silver Bell Honorees
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. Ingram, President and CEO of Ingram Industries and Chairman of Ingram Barge Company and honors Captain James (Jim) McNamara, former President of the National Cargo Bureau, with a Lifetime Achievement Award. Silver Bell Award recipient Orrin H.
International Shipholding Returns to New Orleans
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.
ISC Reports Negative Impacts of Sequestration in Q3 2013
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. 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. Mr. Niels M.
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. 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.
Ecochlor BWTS for International Shipholding Ships
Ecochlor, Inc. said that International Shipholding Corporation (ISH) agreed to purchase seven ballast water treatment systems (BWTS) from Ecochlor for installation on certain ISH vessels. These systems are expected to be delivered between 2014 and 2016 and will be installed on several classes of ships including vehicle carriers and bulk carriers. With new ballast water regulations taking effect in the U.S. and with the expected ratification of the International Maritime Organization’s Convention on Control and Management of Ballast Water and Sediments…
Ecochlor BWTS Ordered for 7 ISH Ships
International Shipholding Corporation (ISH) has agreed to purchase seven ballast water treatment systems (BWTS) from Ecochlor for installation on certain ISH vessels. These systems are expected to be delivered between 2014 and 2016 and will be installed on several classes of ships including vehicle carriers and bulk carriers. Ecochlor’s President, Tom Perlich, said: “We are very pleased to be working with International Shipholding and their related subsidiaries. ISH management is clearly committed to protecting the coastal environment…
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. Upon completion of the offering, ISH intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange. Incapital LLC, DNB Markets, Inc., Sterne, Agee & Leach, Inc., Regions Securities LLC and Euro Pacific Capital Inc. will underwrite the offering.
International Shipholding Stock Sale Raises Nearly US$24-million
International Shipholding Corporation closes public offering of $25 Million of its 9.50% Series A cumulative redeemable perpetual preferred stock. Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when, as and if declared by ISH’s board of directors. The Company received net proceeds from the offering of $23.750 million after deducting underwriting discounts but excluding other related expenses. ISH intends to use the net proceeds from the offering for general corporate purposes, including working capital and the reactivation of a tug-barge unit which is scheduled to be deployed in April.
US Corp Buys PCTC
International Shipholding Corporation purchases a 1999-built Pure Car Truck Carrier (PCTC) to fly the US flag. International Shipholding Corporation announce the purchase of a 1999-built Pure Car Truck Carrier (PCTC). The vessel acquisition was funded by a $3.5 million cash payment and the sale of the Company’s 1994-built PCTC, Green Cove, to the seller in a transaction valued at approximately $27.5 million. The newly purchased PCTC, which will be reflagged under the U.S. Flag and renamed Green Cove, will promptly commence a long-term charter with a strong, creditworthy counterparty. Mr. Erik L. Johnsen, President of International Shipholding Corporation…
Ship Management Firms Form Alliance
LMS Shipmanagement & Wallem Group team up to provide ship management, crewing, & marine technical services. International Shipholding Corporation (ISH) announce that LMS Shipmanagement, Inc., its wholly-owned subsidiary, and Wallem Group Ltd. have agreed to form an alliance encompassing the ship management, crewing, and marine technical services for ISH’s International Flag vessels. While LMS and Wallem will continue to operate independently, the alliance provides that, based on expertise, the daily functions will be divided between the two companies. Thus, the alliance will allow ISH to take advantage of the economy of scale of a larger ship management organization. International Shipholding Corporation’s U.S.
International Shipholding Corporation Reports Q1 2011
Mobile, Alabama, April 27, 2011 – International Shipholding Corporation (NYSE: ISH) announced the financial results for the quarter ended March 31, 2011. The Company reported net income of $24.1 million for the three months ended March 31, 2011, which included a gain on the Dry Bulk transaction of $18.7 million. For the comparable three months ended March 31, 2010, the Company reported net income of $10.6 million, which included a gain of $1.4 million on the sale of a Panamax Bulk Carrier.
Johnston, Executive VP Intern’l Shipholding
Peter M. Johnston has been promoted to executive vice president of International Shipholding Corporation. The announcement was made by Erik L. Johnsen, president of the company. Johnston, whose appointment is effective immediately, is a 1977 graduate of SUNY Maritime College. He is a veteran of many years in the offshore industry and rose to the rank of port captain for American Overseas Marine. Johnston joined International Shipholding Corporation in 1991 as director of operations with responsibility for the Waterman’s Defense Department Contracting Program.
International Shipholding Corporation to Respond to Offer
International Shipholding Corporation received a letter dated September 2, 2008, in which Projection LLC, a wholly owned subsidiary of Liberty Shipping Group LLC, submitted a proposal to the Board of Director of the company to acquire all of the outstanding shares of the company's common stock for $25.75 per share, in cash. The proposal will be reviewed by the Management and Board of Directors of the Company, and they will respond in due course.
International Shipholding Corporation Reports Third Quarter Results
International Shipholding Corporation reported results for the quarter ended September 30, 2001. Net loss for the third quarter was $165,000 as compared to net income of $418,000 for the third quarter of 2000. For the nine months of 2001, International Shipholding Corporation reported a net loss of $62.9 million as compared to net income of 461,000 during the first nine months of 2000. Since the second quarter announcement, International Shipholding Corporation’s intent to dispose of certain of its assets, their Cape-size Bulk Carrier was sold during the third quarter. The process of disposing of the LASH Assets and the special purpose barges is continuing.
International Shipholding Reports Fourth Quarter Results
International Shipholding Corporation reported results for the year and quarter ended December 31, 2001. Net loss for the fourth quarter was $1.5 million as compared to net income of $775,000 for the fourth quarter of 2000. For the year ended December 31, 2001, the Company reported a net loss of $64.4 million as compared to net income of $836,000 during the year ended December 31, 2000. The annual results for 2001 reflect a previously reported asset write-down on "Assets Held-for-Disposal" of approximately $51.1 million, net of taxes, in accordance with FASB 121, "Accounting for the Impairment of Long-lived Assets". This non-cash charge…
"Tonnage Tax" Provision Included in Tax Bill
Today, Congressman William J. Jefferson announced that his proposed "tonnage tax" provision and three other provisions that will benefit Louisiana were included in the final version of a corporate tax bill that the House approved today. The U.S. House of Representatives approved the final conference report of the House and Senate bills designed to adjust corporate taxes. The "tonnage tax" provision is touted as benefitting United States-flag vessel owners such as Central Gulf Lines, Inc., Waterman Steamship Corporation, and other American maritime companies headquartered in New Orleans, Louisiana, engaging in international trade by preserving and enhancing maritime employment opportunities for United States seafarers from Louisiana and elsewhere around the country.