Friday, July 20, 2000

Order for 42 knot commuter ferries

Lighthouse Landings Inc, parent of New York Fast Ferry Services Inc., has signed a contract with Derecktor Shipyards of Mamaroneck, N.Y. It covers the construction of a 35 m aluminum high-speed passenger catamaran that will be the first of four to be built for an already acquired run from Stamford, Conn., to New York City. Total contract price for the first vessel is $5.25 million.

Each will be capable of carrying up to 290 passengers at a full load service speed of 42 knots. The fastest commuter ferries ever built in the U.S., they will be capable of making the Stamford to Wall Street run in less than one hour.

New York Fast Ferry Services Inc., currently provides High-Speed commuter service between Highlands, N.J., and New York City, carrying over 1,200 passengers per day on two Derecktor-built catamarans.

The new vessels have been designed by Nigel Gee and Associates of Southhampton, England, specifically for the Stamford service. Construction is expected to take ten months for the first vessel, with the second following four months later.

Interior seating will be for 250 passengers on two decks, with a mix of table seats, airline-style row seating and lounge areas. There will be exterior seating for approximately 40 passengers. A full refreshment bar will be located on the main deck, with a service bar on the second deck. Lavatory facilities will be on both decks.

Fully air conditioned, the vessels will offer commuters a high degree of comfort as well as features such as power outlets, public cell phones, and a satellite TV and DVD/CD entertainment system. State-of-the-art navigation and safety equipment will be fitted, including high-speed ARPA radars and a digital chart plotting system with radar overlay.


Litton gets go ahead to start LPD 17 full production
Litton Avondale Industries has received approval by the U.S. Navy to begin full, sustained production of the lead ship in the U.S. Navy's new SAN ANTONIO (LPD 17) Class of amphibious assault ships.

Start of production of the LPD 17 lead ship follows a 36-month period of design, material procurement and engineering. Through the use of extensive automation, advanced materials and equipment, and reduced crew size, the ships will be produced for the lowest possible operating and maintenance costs over their lifetime in the fleet.

As prime contractor for the LPD 17 program, Litton Avondale leads a team comprised of General Dynamics' Bath Iron Works, Raytheon Electronic Systems and Intergraph Corporation. In addition to design work begun for the new class in 1997, Litton Avondale has already constructed a series of pilot ship sections to demonstrate the maturity of the design and efficient production processes.

To date, four ships have been awarded in the 12-ship program, with eight additional ships planned in the next four to five years. The first ship in the new class will be delivered in late 2003. Value of the four ships awarded to date is in excess of $2 billion. Eight of the ships will be built at Litton Avondale in New Orleans, while four are currently planned for production at Bath Iron Works in Maine.

``In this program, the Litton Avondale Alliance and the Navy are achieving unprecedented levels of design completion before start of production,'' said Thomas M. Kitchen, president of Litton Avondale. ``With this concept, the Navy and Litton have completed over 70% of the LPD 17 design -- an unprecedented design completion rate for a ship program of this magnitude.''

The LPD 17 Amphibious Transport Dock Ships are designed to be 208.4 meters (684 feet) long and 31.9 meters (105 feet) wide, and will be the functional replacement for the LPD 4, LSD 36, LKA 113, and LDT 1179 Classes of Amphibious ships. The LPD 17 ship's mission is to embark, transport, and land elements of a landing force in an assault by helicopters, landing craft, and amphibious vehicles to conduct an amphibious warfare mission.


ISC reports results
New Orleans- based International Shipholding Corporation
today reported results for the six months and the quarter ended June 30, 2000. International Shipholding Corp., through its subsidiaries, operates a diversified fleet of United States and foreign flag vessels. At December 31, 1999, its fleet consisted of 35 ocean-going vessels, four towboats, 16 river barges, 28 special purpose barges, 1,864 LASH (Lighter Aboard Ship) barges, and related shoreside handling facilities.

 

Unaudited results for the periods indicated along with prior year results are (in thousands except share and per share data):

                        Three Months Ended       Six Months Ended
                        June 30,    June 30,    June 30,    June 30,
                          2000        1999        2000        1999
                       ----------  ----------  ----------  ----------
Revenues                  $85,265    $82,476    $170,614    $167,265
Subsidy Revenue             3,672      3,359       7,347       6,999
                       ----------  ----------  ----------  ----------
                           88,937      85,835     177,961     174,264
                       ----------  ----------  ----------  ----------
Operating Expenses:
 Voyage Expenses           65,797      59,950     135,704     126,159
 Vessel and Barge
  Depreciation              9,841       9,640      19,783      19,282
                       ----------  ----------  ----------  ----------
Gross Voyage Profit        13,299      16,245      22,474      28,823
                       ----------  ----------  ----------  ----------
Administrative and
 General Expenses           5,862       6,134      11,568      12,148
Gain on Sale of
 Land/Vessels               5,063       7,753       5,063      10,161
                       ----------  ----------  ----------  ----------
 Operating Income          12,500      17,864      15,969      26,836
                       ----------  ----------  ----------  ----------
Interest:
 Interest Expense           8,346       7,672      16,870      15,241
 Investment Income           (459)       (320)       (718)       (695)
                       ----------  ----------  ----------  ----------
                            7,887       7,352      16,152      14,546
                       ----------  ----------  ----------  ----------
Income (Loss) Before
 Provision for Income
 Taxes and Equity in
 Net Income of
 Unconsolidated
 Entities                   4,613      10,512        (183)     12,290
                       ----------  ----------  ----------  ----------
Provision for
 Income Taxes               1,730       3,754         188       4,509
                       ----------  ----------  ----------  ----------
Equity in Net Income
 of Unconsolidated
 Entities (Net of
 Applicable Taxes)             59          65          14          65
                       ----------  ----------  ----------  ----------
Net Income (Loss)          $2,942      $6,823       $(357)     $7,846
                       ==========  ==========  ==========  ==========

Basic and Diluted
 Earnings Per Share:
 Net Income (Loss)          $0.48       $1.04      $(0.06)      $1.20
                       ==========  ==========  ==========  ==========
Weighted Average
 Shares of Common
 Stock Outstanding      6,082,887   6,498,637   6,083,021   6,538,721
Earnings Before
 Interest, Taxes,
 Depreciation, and
 Amortization (EBITDA)
 (Includes
 Gains/Losses on
 Sales of Assets)         $28,681     $33,141     $48,509     $57,400

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