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- International Shipholding (ISH -1.8%) lowers its adjusted profit target for 2014, saying results will be hurt by temporary woes, including poor weather conditions, lower than projected results from supplemental cargoes, and repairs on one vessel that has returned to service.
- The cargo transportation provider now sees FY 2014 EBITDA of $60M-$64M, below its prior view of $65M-$72M.
- ISH says fundamentals remain strong and it remains poised to evaluate potential acquisitions.
Oct. 11, 2012, 2:39 PMInternational Shipholding (ISH +2.7%) moves higher after acquiring dry bulk and break-bulk commodity shipper U.S. United Ocean Services, a wholly-owned subsidiary of United Maritime Group, for approximately $111M in cash. The acquisition gives ISH increased scale and a more diverse product offering within the U.S. Flag Jones Act dry bulk transportation market, where it already holds a strong position. | Oct. 11, 2012, 2:39 PM | Comment!
International Shipholding Corp operates a fleet of U.S. and International Flag vessels that provide international and domestic maritime transportation services to commercial and governmental customers under medium to long-term contracts.
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