International Shipholding doubles 4th-quarter net income

International Shipholding doubles 4th-quarter net income

   International Shipholding Corp., parent company of Forest Lines and Waterman Steamship Corp., reported a recovery in its fourth quarter and annual financial results.

   For the fourth quarter, net income at the New Orleans-based shipping company reached $1.7 million, up from $793,000 for the same quarter in 2002. Fourth quarter revenue rose to $62 million, from $60.4 million a year earlier.

   For the calendar year, net income was $5.5 million, compared to a net loss of $136,000 for 2002. Revenue increased to $257.8 million from $227.4 million in 2002.

   Despite the general upturn, results from Forest Lines and Waterman were lower in the fourth quarter than in the same quarter of 2002. International Shipholding cited lower cargo volumes and higher-than-expected operating costs as the reason for their lower results.

   International Shipholding said the improved fourth-quarter operating results were a result of higher dividends from its investment in four Capesize bulk carriers, increased cargo volume for its pure car/truck carriers, as well as retirements of debt and lower interest rates on variable rate loans.