Mobile, Ala.-based International Shipholding Corp. is moving closer to returning its corporate headquarters to New Orleans.
In its most recent earnings report, the company said its 2015 budget includes a $20 million to $23 million investment in a New Orleans office building. The company relocated to Alabama after Hurricane Katrina
International Shipholding operates a fleet of cargo vessels.
The company announced the move a year ago, and shortly afterward bought the building and warehouse at 864 S. Peters St. Louisiana is giving International Shipholding $10.3 million in incentives, or around $100 per job, to relocate.
The company lost $$59.9 million, or $8.23 per share, in 2014, compared to a profit of $15.3 million, or $2.10 per share, a year ago.
Almost all of the loss took place on paper during the fourth quarter. The company reported a $48.3 million impairment charge that covered:
• The sale of three cargo vessels and a laid-up tug/barge unit, $38.3 million; and
• An $11.6 million tax valuation allowance on its deferred tax assets, which help reduce the company’s future taxes.
Without the paper losses, the company would have earned $1.5 million during the fourth quarter.