NEW ORLEANS (AFX) - Ocean carrier International Shipholding Inc. on Monday said it will move its headquarters to Mobile, Ala., because the canal that connects the New Orleans harbor to the Gulf of Mexico remains closed.
The company, whose ships carry such various goods as passenger vehicles, coal, molten sulfur and rail cars through the Mississippi River-Gulf Outlet (MR-GO), said it expects to complete the move early next year.
'With the post-Katrina closure of the MR-GO to deep-draft shipping, and after extensive research, we could find no other site in Louisiana for our specialized rail-ferry service,' said Erik F. Johnsen, the company's chairman.
The company said it will keep its barge repair business in the area, and will retain the lease on its shipping terminal while it explores new uses for the site.
Shares of International Shipholding closed up 9 cents at $13.36 on the New York Stock Exchange.
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