International Shipholding says cars lift earnings

International Shipholding Corp. said it expects its third quarter net income to be $11 million to $11.5 million, compared to $2.3 million in the same period last year.

The company said results for the third quarter were primarily driven by an increase in the carriage of supplemental cargoes on its U.S.-flag Pure Car Carriers, which increased over second quarter liftings, and by the continued improvement in the results of the rail ferry service as it moves closer to maximizing its carrying capacity. The ferry operates between Mobile, Ala., and Coatzacoalcos, Mexico and last year the company added second decks to the vessels used in the service in order to increase capacity from 60 to 122 railcars.

Meanwhile, Liberty Shipping Group, which is seeking to acquire International Shipholding, said in a filing with the Securities and Exchange Commission last Friday that it has increased its stake in the company to 8.3 percent.