International Shipholding reports higher Q4 income, provides outlook for 2013

International Shipholding Corporation, a provider of maritime transportation services, has reported that net income for the fourth quarter ended December 31, 2012 was $11.54 million, or $1.6 per share, compared to $1.78 million, or $0.25 per share, for the same quarter ended December 31, 2011. The company expects net income to be in the range of $10 million to $12 million and EBITDA to be in the range of $63 million to $67 million for 2013.

Revenues for the fourth quarter ended December 31, 2012 were $56.81 million, compared to $61.81 million for the same quarter ended December 31, 2011.

Net income for the year ended December 31, 2012 was $21.96 million, or $3.04 per diluted share, compared to $31.55 million, or $4.4 per diluted share, for the year ended December 31, 2011.

Revenues for the year ended December 31, 2012 were $243.5 million, compared to $263.2 million for the year ended December 31, 2011.

Mr Niels M. Johnsen, Chairman and CEO, stated, "In 2012, we successfully executed our long-standing strategies in three important areas during a challenging environment for the shipping industry. First, we diversified and expanded our fleet to 50 vessels, including the recently closed acquisition of United Ocean Services in the fourth quarter. Second, we increased our fixed revenues by adding long-term contracts with creditworthy customers. Finally, through transactions involving our Pure Car Truck Carriers, we were able to add a modern vessel to our fleet and enhance our financial flexibility."