International Shipholding Corporation Exercises Buy-Out Option on Integrated Tug/Barge Unit

International Shipholding Corporation Exercises Buy-Out Option on Integrated Tug/Barge Unit

MOBILE, Ala.--(BUSINESS WIRE)-- International Shipholding Corporation (NYS: ISH) announced today that it has completed the purchase of an integrated tug/barge unit, Coastal 202 and Florida Enterprise, from CIT and GE Capital. Coastal 202 and Florida Enterprise have been operating under a sale and leaseback arrangement and were part of ISH's purchase of United Ocean Services.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, "Exercising our buy-out option on this integrated tug/barge unit further solidifies our commitment to maintaining our Company's leadership position in the Jones Act dry bulk market. Across our fleet, we remain focused on providing value to our shareholders by identifying opportunities to operate in niche markets on medium to long-term contracts with quality counterparties."


About International Shipholding Corporation

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

For more information about the company, please visit www.intship.com.



The IGB Group
Bryan Degnan, 646-673-9701
bdegnan@igbir.com
or
Leon Berman, 212-477-8438
lberman@igbir.com
or
International Shipholding
Niels M. Johnsen, Chairman and Chief Executive Officer, 212-943-4141
Erik L. Johnsen, President, 251-243-9221

KEYWORDS:   United States  North America  Alabama  New York

INDUSTRY KEYWORDS:

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