International Shipholding Group said it had profit of $1.9 million in the second quarter compared to $704,000 in the same 2012 period.
(The company noted its results were swung by yen denominated loans. In the second quarter this year it had a non-operating gain of $1.8 million from its yen denominated loan; in the same period last year it had a non-operating loss of $1.7 million on its yen denominated loan.)
Revenue for the Mobile, Ala.-based company was $74.9 million in the second quarter compared to $60.3 million in the second quarter of 2012.
The company’s second quarter 2013 gross voyage profit representing the results of its six reporting segments was $13.3 million, compared to $13.9 million in the comparable 2012 three month period.
Gross voyage profit for the Jones Act segment jumped from $1.1 million in the second quarter of 2012 to $5.5 million in the second quarter of 2013, which the company said reflected the inclusion of United Ocean Services (UOS), the dry bulk shipping company it acquired on Nov. 30, 2012. It noted, however, two UOS vessels did not operate for 79 days in the second quarter this year as they underwent scheduled drydockings.
Gross voyage profit for the pure car truck carrier (PCTC) segment decreased due primarily to lower charter hire rates on one U.S.-flag PCTC, effective July 2012, and the company’s foreign flag PCTC, effective April 2013.
International Shipholding said its CG Railway subsidiary, which operates a rail ferry between Coatzacoalcos, Mexico and Mobile, had higher northbound volumes which produced slightly better results year over year. – Chris Dupin
International Shipholding gets boost from Jones Act acquisition
