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Heavy hurricane loss for Alabama-bound ISG.
(From Lloyds List)
Byline: Rajesh Joshi in New York
AN EFFECTIVE write-off of $8.9m recorded during the second quarter sent International Shipholding Group tumbling to a heavy loss on the period, underscoring the enduring nature of the havoc wrought by last year's hurricanes.
The historic New Orleans enterprise that last month announced it was moving to Alabama returned a net loss of $7.06m on revenues of $70.08m on the quarter, compared with a net profit of $3.37m on revenues of $67.73m on the corresponding period in 2005.
The controversy surrounding the man-made Mississippi River-Gulf Outlet that forced the group to relocate to Alabama also figured in its financial misfortune.
Commonly known as MRGO or Mr Go, the 40-year-old outlet serves as a shortcut between industrialised New Orleans and the Gulf of Mexico.It remains closed to deep draught shipping following the hurricanes.
The 76-mile long channel is accused of having eaten away at natural freshwater marsh and swamp forests typical of the area. As it widened, it is said to have left no natural defences against storm damage.
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