ISH earnings hold steady

International Shipholding Corp. (NYSE: ISH) reported Wednesday that profit held steady for the third quarter despite a global recession that continues to depress container shipping volume.

The company's net income for the nine months that ended Sept. 30,

$31.4 million, however, fell 8 percent when compared to 2008. Last year's total included a gain of $15.1 million from the sale of the company's stake in ship.

"During the third quarter, the company again benefited from its strategy of maintaining a diversified portfolio of medium- to long-term contracts," Niels M. Johnsen, president and chief executive officer, said in a statement. "Complementing our solid quarterly results, we are also pleased to have maintained our balance sheet strength during a challenging time for the shipping industry.

"We have significant financial flexibility, (and) we are well positioned to opportunistically seek growth opportunities aimed at creating long-term value for all shareholders."

Net income was $11.3 million for the quarter in both 2008 and 2009.

During the third quarter, the company said it signed a five-year contract extension to serve an Indonesian customer's mining operations.

The company's Mobile-based Gulf-to-Mexico rail ferry service, CG Railway, posted lower results in the third quarter compared with third quarter 2008. With reduced consumer demand, CG's ferries are running at about 60 percent capacity, the company said.

Although no analysts currently follow International Shipholding, it has garnered notice in the past few months from several online publications.

Motley Fool praised its diversified fleet and a customer base including governments and "global commodities titans."

TheStreet.com said the company "isn't' immune to the recession, but is faring better than its rivals."

International Shipholding on Wednesday declared a 50-cent dividend. Shares, about a quarter of which are held by members of the Johnsen family, closed down 4 percent at $32.39.