COPENHAGEN: International Shipholding Corporation declared Q2 dividend of $0.05 per share of Common Stock payable on September 4, 2015 to shareholders of record as of August 14, 2015
Will pay a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on July 30, 2015
The Company reported a net loss of $167,000 for the three months ended June 30, 2015, while the comparable 2014 second quarter reported a net loss of $664,000. The 2015 second quarter results included a gain on the sale of a vessel of $4.7 million and an impairment loss of $1.8 million related to two handysize dry bulk vessels that had previously been held for sale but have now been returned to service.
Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “In the second quarter of 2015, we continued to operate and manage a diverse fleet of oceangoing vessels across niche maritime markets. While our results for the quarter were impacted by both the continued weakness of the international dry bulk market and a longer-than-expected off-hire period for the modification and repair of a Jones Act vessel, we were successful in realizing a $4.7 million gain from the sale of our oldest PCTC. During this month, the dry bulk market has shown signs of improvement from its cyclically low levels, and our modified and repaired Jones Act vessel has fully re-entered service, enhancing operating margins in our Jones Act segment.”
