QUOTE AND NEWS
StreetInsider.com  Apr 24  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/International+Shipholding+Corp.+%28ISH%29+Misses+Q1+EPS+Views/8276073.html for the full story.
Forbes  Feb 12  Comment 
Looking at the universe of stocks we cover at Dividend Channel, on 2/14/13, International Shipholding Corp. (NYSE: ISH) will trade ex-dividend, for its quarterly dividend of $0.25, payable on 3/4/13. As a percentage of ISH's recent stock price of...
StreetInsider.com  Feb 6  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/International+Shipholding+Corp.+%28ISH%29+Posts+Mixed+Q4+Results/8067095.html for the full story.
StreetInsider.com  Feb 6  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/International+Shipholding+Corp.+%28ISH%29+Declares+%240.25+Quarterly+Dividend%3B+5%25+Yield/8067096.html for the full story.
Benzinga  Nov 16  Comment 
International Shipholding Corporation (NYSE: ISH) today announced that, in light of current market conditions, it has decided not to proceed with its previously-announced common stock offering at this time. The acquisition of...
Benzinga  Nov 12  Comment 
International Shipholding Corporation (NYSE: ISH) today announced that it intends, subject to market conditions, to offer and sell up to $40,000,000 of its common shares in an underwritten public offering. ISH further intends to grant the...
StreetInsider.com  Oct 25  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/International+Shipholding+Corp.+%28ISH%29+Misses+Q3+EPS+by+2c/7820442.html for the full story.
StreetInsider.com  Oct 25  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/International+Shipholding+Corp.+%28ISH%29+Declares+%240.25+Quarterly+Dividend%3B+6.2%25+Yield/7820446.html for the full story.
StreetInsider.com  Oct 11  Comment 
Japan's SoftBank is said to be in discussion for a potential acquisition of Sprint (NYSE: S), though nothing has been affirmed by either side today. Shares of Sprint are up 12.9 percent on the session. India's Apollo Tyres said to be mulling...
Benzinga  Oct 11  Comment 
International Shipholding Corporation (NYSE: ISH) announced today that it has entered into a definitive agreement to acquire a 100% ownership interest in U.S. United Ocean Services, LLC (“UOS”), a wholly-owned subsidiary of United Maritime...




 
TOP CONTRIBUTORS

International Shipholding operates a diversified fleet of US and international flag vessels. The company makes money by providing international and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term time charters or contracts of affreightment.[1] With its roughly 33 vessels, the company owns 14 vessels of total vessels which total comprises a diversified line of ships from military transport to coal transports.

Business Growth

ISH divides its revenues into the following operating segments:

  • Time Charter Contracts – U.S. Flag primarily caters toward Pacific Ocean shipping of cars and trucks.
  • Time Charter Contracts – International Flag include a variety of vessels that serve purposes as transportation of coal, Hyundai Motor Company (005380-SE) cars, and containers.
  • Contracts of Affreightment a 15-year transportation contract with an affiliate of Freeport-McMoRan Sulphur LLC for which the company had built a 28,000 dead-weight ton Molten Sulphur Carrier.
  • Rail-Ferry Service represent two special purpose vessels which carry loaded rail cars between the U.S. Gulf and Mexico.
  • Other provide ship charter brokerage, agency, and other specialized services to all other operating subsidiaries.

Trends and Forces

ISH Military Transport Operations are Subject to Government Defense Spending Appropriation

As a shipping company that contains some operations in military transport, ISH operates under the Maritime Security Act of 1996. Under this Act, Congress makes appropriations to companies such as ISH to receive $2.9 million in the year 2011, and $3.1 million in 2012 to 2015.[2] However, since these payments are not guaranteed, any budget cuts from defense spending that results to negative implications in payments for ISH would decrease revenues for that segment. In this regard, the company currently commits eight vessels under contracts issued under the program.

ISH Operates in a Capex Intensive Industry that Favors Newer Vessels

ISH operates in an industry that is highly competitive, where newer fleets tend to receive more business due to reliability. Further, older ships require more capital expenditure and are also harder to estimate. Finally, in lieu of changes in government regulation, compliance with customer requirements may force ISH to alter or add new equipment. In this regard, ISH's average age of all vessels is approximately 12 years, with Pure Car/Truck Carrier Fleet at around 10 years.

Competition

ISH competes with other international shipping service companies such as:

  • Seaspan (SSW) owns containerships and charters them pursuant to long-term, fixed-rate charters as well as seek additional accretive vessel acquisitions over the mid to long-term.[3]
  • Diana Shipping (DSX) specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.[4]
  • Genco Shipping (GNK) transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.[5]




References

  1. ISH 10-K FY2010, Pg 1
  2. ISH 10-K FY2010, PG 4
  3. SSW Business Description
  4. DSX Business Description
  5. GNK Business Description
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