WATERMAN STEAMSHIP REDUCES STAFF

WATERMAN STEAMSHIP REDUCES STAFF

Waterman Steamship Corp., a subsidiary of International Shipholding Corp., has eliminated 45 staff positions from its New Orleans and New York offices.

   “We’re doing what other companies are doing in this industry. We’re tightening our belts,” said Niels W. Johnsen, chairman of International Shipholding. Some of the eliminated positions included early retirements.

   International Shipholding owns and operates the world’s largest barge-carrying LASH (lighter aboard ship) vessel fleets, under subsidiaries Waterman Steamship, Central Gulf Lines and Forest Lines. By 1998, the corporation had assembled a LASH fleet of 12 vessels.

   However, the LASH fleet is showing its age. International Shipholding has started to phase out its oldest LASH vessels and is seeking new specialized ocean cargo transport business.

   International Shipholding recently disposed of four LASH vessels, that had reached the end of their charters, to the U.S. Navy and sold another LASH vessel last year. The corporation still operates a LASH fleet of seven vessels under Waterman Steamship and Forest Lines in their liner services.