Mobile, Alabama, January 29, 2010 – International Shipholding Corporation (NYSE: ISH) today announced the financial results for the fourth quarter and year ended December 31, 2009.

 Report Highlights

• Generated net income of $10.777 million for the three months ended December 31, 2009
• Declares sixth consecutive quarterly dividend of $0.50 per share payable on March 1, 2010 to shareholders of record as of February 17, 2010

 Net Income

International Shipholding Corporation today reported results for the three months and year ended December 31, 2009.  The Company reported net income of $10.777 million for the three months ended December 31, 2009, after a one time loss of $2.1 million on the sale of an obsolete foreign flag container vessel, compared to $4.909 million for the three months ended December 31, 2008.  For the full year 2009, net income was $42.221 million, compared to $39.049 million for the 2008 year. Results for the 2008 year included net income from discontinued LASH Liner service of $4.827 million and a $15.900 million gain from the sale of a vessel. 

 Mr. Niels M. Johnsen, chairman and chief executive officer, stated: “The Company continues to deliver strong operating results.   Our fleet’s diversified portfolio of medium to long-term contracts produced the 2009 year results despite the global economic slowdown.”

 “In addition, we grew our fleet with an agreement to purchase three new handysize double-hull drybulk carriers scheduled for deliveries between the fourth quarter of 2010 and the first quarter of 2011 and a participation in a joint venture that has contracted to build eight new mini bulkers. These two transactions have positioned us for growth by further diversifying our portfolio and increasing our long-term earnings potential. As we enter 2010, we will continue to seek accretive opportunities that align with our long-term growth strategy.”

 Operating Income

Operating Income for the three months ended December 31, 2009 was $7.7 million, including a loss of $2.1 million on the sale of an obsolete foreign flag container vessel used in its Time Charter segment.  For the comparable period in 2008, Operating Income was $5.4 million.

 The Company’s Time Charter segment posted higher results for the fourth quarter of 2009 from the continued carriage of supplemental cargoes on its U.S. flag Pure Car Truck Carrier fleet.

 The results for the Contract of Affreightment segment were lower compared to the prior-year period, primarily as a result of a scheduled reduction in the contracted freight rates.  The lower rates will be in place through the end of the contract.

 In the Company’s Rail Ferry segment, fourth-quarter 2009 results declined from the comparable quarter in 2008.  Northbound cargo volumes continue to be impacted by the drop in demand for imported consumer commodities in the United States.

 Administrative and General Expense

Administrative and general expenses were slightly higher in the fourth quarter of 2009 compared to the fourth quarter of 2008.  The 2009 amount includes a $750,000 accrued contingent liability associated with incentives received in 2007 from various Alabama agencies to relocate our corporate headquarters.

 Interest Income and Expense

Interest Expense for the three months ended December 31, 2009 increased from the same period in 2008, reflecting the financing associated with the acquisition of two vessels, which were subsequently sold and financed to a third party to support our service in Indonesia. Income from this financing is reflected as “Other Income from Vessel Financing”.

 The gain of $980,000 on the Sale of Investment reflects the book gain from the liquidation of our stock investment portfolio.

 Federal Income Tax Benefit

The Company’s total income tax benefit for the fourth quarter of 2009 was $1.1 million compared to a benefit of $29,000 for the 2008 comparable period.  The higher benefit was primarily attributable to the lower results of the Company’s  U. S. flag Coal Carrier and Rail Ferry segments, which are subject to the higher corporate statutory rate.

 Dividend Declaration

The Company’s Board of Directors authorized the payment of a $0.50 dividend, payable on March 1, 2010, for each share of common stock owned on the record date of February 17, 2010.  The Board of Directors has established a quarterly dividend target of $0.375 per share, per quarter, for the 2010 fiscal year. The declaration of dividends and their amount, if any, will continue to be determined by the Board of Directors based on the Company’s operating results, growth objectives and cash requirements.

 Mr. Johnsen noted: “During a challenging year for the shipping industry, we continued to take advantage of the Company’s significant contract coverage to distribute cash to shareholders. Since reinitiating a dividend policy, the Company has declared six consecutive dividends for a cumulative amount of $3.00 per share.  We see interesting opportunities for continued expansion in the current environment. Therefore, we have decided to set a new dividend target for 2010. This decision enables the Company to continue to distribute dividends to shareholders while strengthening our financial flexibility to take advantage of strategic growth opportunities for continued expansion.”

About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U. S. and foreign flag vessels that provide international 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.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on form 10-K for the year ended December 31, 2008 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

 Contact: 

The IGB Group

 Lev Janashvili

(212) 227-7098

ljanashvili@igbir.com

David Burke

(646) 673-9701

dburke@igbir.com

International Shipholding Corporation

Niels M. Johnsen, Chairman (212) 943-4141

Erik L. Johnsen, President (251) 243-9221

Mobile, Alabama, January 6, 2010 – International Shipholding Corporation (NYSE: ISH) today announced that it has invested $6.25 million to acquire a 25% equity stake in Oslo Bulk Shipping, a six-party joint venture that  contracted, in 2008, to build eight new mini bulkers. The 8,000 dwt vessels are being constructed at Yangzijiang Shipyard and are scheduled for deliveries commencing in the third quarter of 2010.  

Focusing on market opportunities in the Caribbean, South America, Southeast Asia, the Mediterranean and Baltic regions, the Oslo Bulk Shipping joint venture plans to employ the eight mini-bulkers on medium to long-term contracts. These mini bulk carriers have the versatility to move a wide variety of agricultural, construction, metal and energy-related commodities.

Niels M. Johnsen, chairman and chief executive officer, commented: “Oslo Bulk Shipping marks our second transaction in two months aimed at opportunistically growing the Company in a prudent manner. This joint venture positions the Company to once again take advantage of the strong long-term fundamentals in an underserved niche of the drybulk market.  Specifically, the mini bulk market is characterized by an aging fleet, a favorable order book and a diverse cargo base.    

The total delivered cost for the eight drybulk vessels is expected to be approximately $110 million. Upon signing the agreement for the eight vessels in 2008, Oslo Bulk Shipping paid an initial installment of 20% of the contract price. Future installments will be paid over the construction period, with the final installment due upon the delivery of the vessels. Oslo Bulk Shipping has already secured construction and permanent financing for 80% of the delivered cost.  International Shipholding funded its initial investment in Oslo Bulk Shipping with available cash.

About International Shipholding Corporation

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U. S. and foreign flag vessels that provide international 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.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on Form 10-K for the year ended December 31, 2008 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

 Contact:

 The IGB Group

 Lev Janashvili

(212) 227-7098

ljanashvili@igbir.com

David Burke

(646) 673-9701

dburke@igbir.com

International Shipholding

Niels M. Johnsen, Chairman (212) 943-4141

Mobile, Alabama, November 12, 2009 – International Shipholding Corporation (NYSE: ISH) today announced that it has entered into an agreement to purchase three 36,000 Deadweight Ton Handysize double hull dry bulk carrier newbuildings with an option for a fourth newbuilding. The three new vessels will be constructed at Hyundai Mipo Dockyard Co., Ltd. and are expected to be delivered between December 2010 and February 2011. 

Niels M. Johnsen, chairman and chief executive officer, commented, “We are pleased to finalize an agreement to purchase three new Handysize double hull dry bulk carriers. We believe these quality, high specification newbuilding vessels will provide important long-term strategic benefits to International Shipholding Corporation, positioning the Company to increase both its diversified fleet and earnings potential during a time when we continue to distribute dividends to our shareholders. Consistent with our operating strategy, we intend to employ the new vessels on medium to long-term contracts.” 

The total delivered cost for the three newbuildings is expected to be approximately $90 million. Upon signing the agreement for the three vessels, International Shipholding Corporation paid an initial installment of $17 million using available cash. Future installments will be paid over the construction period with the final installment due upon delivery of each vessel. The Company plans to fund the remaining installments through a combination of borrowings under its revolving credit facility, available cash and long-term financing. 

About International Shipholding Corporation

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U. S. and foreign flag vessels that provide international 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. 

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on Form 10-K for the year ended December 31, 2008 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. 

Contacts: 

International Shipholding

Niels M. Johnsen, Chairman            (212) 943-4141

Erik L. Johnsen, President                 (251) 243-9221

The IGB Group

David Burke                                          (646) 673-9701

Third Quarter 2009 Highlights

• Generated net income of $11.3 million for the three months ended September 30, 2009;
• Declared a fifth consecutive quarterly dividend of $0.50 per share payable on December 1, 2009 to shareholders of record as of November 17, 2009;
• Appointed Mr. Kenneth H. Beer and Mr. Harris V. Morrissette to the Board of Directors.

Net Income

The Company reported net income of $11.3 million for the three months ended September 30, 2009, as compared to $11.3 million for the 2008 period. For the nine month period, the Company reported net income of $31.4 million as compared to $34.1 million for the nine months ended September 30, 2008. The nine months 2008 net income included a gain of $15.8 million from the sale of a vessel and $4.7 million from discontinued operations.

Mr. Niels M. Johnsen, chairman and chief executive officer, stated, “During the third quarter, the Company once again benefited from its strategy of maintaining a diversified portfolio of medium to long-term contracts. Complementing our solid quarterly results, we are also pleased to have maintained our balance sheet strength during a challenging time for the shipping industry.  With significant financial flexibility, we are well positioned to opportunistically seek growth opportunities aimed at creating long-term value for all shareholders.”      

Operating Income

Operating Income for the three months ended September 30, 2009 was $9.9 million as compared to $ 11.1 million for the comparable period in 2008.

During the third quarter the Company agreed to a five  year contract extension with an Indonesian customer to service its mining operations.

The Company’s Time Charter segment posted slightly lower results for the third quarter of 2009 primarily due to a decrease in operating days on the Company’s U.S. flag Coal Carrier, the sale of one of its international flag container vessels and lower results from the Company’s operations in Indonesia.  Partially offsetting these results were the continued carriage of supplemental cargoes on its U.S. flag Pure Car Truck Carrier fleet.      

The Contract of Affreightment segment had improved results compared to the prior year period primarily as a result of more cargo moved during the quarter.

The Company’s Rail Ferry segment third quarter 2009 results were lower than the comparable quarter in 2008. This segment continues to be impacted by the economic conditions for consumer commodities.

Administrative and General Expense

Administrative and general expenses were flat when compared to the third quarter of 2008.  Expenses increased in comparison to the second quarter of 2009 due to several non-recurring expenditures that were recognized during the third quarter.

Interest Income and Expense

Interest expense for the three months ended September 30, 2009, was lower than the same period in 2008, reflecting reduced outstanding principal balances. The slight drop in investment income reflects lower short term rates.

 Federal Income Tax Benefit

The Company’s total income tax benefit for the third quarter of 2009 was $591,000 versus a provision of $457,000 for the 2008 comparable period.  The drop in results was primarily attributable to the Company’s U.S. flag Coal Carrier and Rail Ferry segments that were both taxed at the higher corporate statutory rate.

Unconsolidated Entities

Third quarter 2009 results from the Company’s Unconsolidated Entities were in line with the same period in 2008. Current results were achieved despite operating one less Bulk Carrier during the most recent quarter, reflecting the improved results of the Company’s remaining Panamax Bulk Carrier.

Independent Appointees to the Board of Directors

The Company announced the appointment of Mr. Kenneth H. Beer and Mr. Harris V. Morrissette to the board of directors following the planned resignations of Mr. Niels W. Johnsen and Mr. Edward K. Trowbridge.

Commenting on the appointment, Mr. Johnsen, stated, “We are pleased to appoint board members with Mr. Beer and Mr. Morrissette’s experience level and knowledge.  With the addition of these two independent directors, we believe that International Shipholding is positioned to continue to successfully execute its business strategy.

Mr. Johnsen added, “We would like to thank my father and Mr. Trowbridge for their many years of service to International Shipholding. As a founder and former chairman and CEO of the Company, my father was instrumental in establishing International Shipholding as a leading diversified shipping company. Mr. Trowbridge has been a valuable member of the Board, providing significant guidance to the Company.”

Mr. Beer currently serves as Senior Vice President and Chief Financial Officer of Stone Energy Corporation. Previously, Mr. Beer was a partner at the investment banking firm of Johnson Rice & Company.

Mr. Morrissette currently serves as President of China Doll Rice and Beans, Inc. and Chairman of Azalea Aviation Inc.  Previously, Mr. Morrissette served as CEO of Marshall Biscuit Company, Inc.

Dividend Declaration

The Company’s Board of Directors authorized the payment of a $0.50 dividend, payable on December 1, 2009, for each share of common stock owned on the record date of November 17, 2009.  The Company intends to continue its reinstated dividend policy.  All future dividend declarations and amounts remain at the discretion of International Shipholding Corporation’s Board of Directors.

About International Shipholding

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

Caution concerning forward-looking statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on form 10-K for the year ended December 31, 2008 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

(Reference the Related Financial Statements within the Press and Earnings Release sections of “Investor Relations”)

Second Quarter 2009 Highlights

Generated net income of $10.7 million for the three months ended June 30, 2009, as compared to $2.9 million for the comparable period in 2008 which excludes a $15.1 million gain from the sale of a Panamax Bulk Carrier;

Declared a second quarter dividend of $0.50 per share payable on September 1, 2009 to shareholders of record as of August 17, 2009.

Net Income

The Company reported net income of $10.7 million for the three months ended June 30, 2009. For the comparable three months ended June 30, 2008, the Company reported net income of $2.9 million before net income of $15.1 million from the sale of a Panamax Bulk Carrier in which the Company had a 50% ownership interest.

Niels M. Johnsen, chairman and chief executive officer, commented, “We are pleased to once again report strong quarterly results during a challenging economic environment. Our strategy of maintaining a diversified portfolio of medium to long-term contracts for our fleet, combined with the success of supplemental cargo volumes, continued to serve the Company well. While supplemental cargo volumes may not continue at these levels, our contract mix positions the Company to continue to achieve predictable results. In addition, our balance sheet at quarter’s end reflects the continued strengthening of our financial position. “

Mr. Johnsen continued, “The successful renegotiation of the company’s two international flag container vessel timecharters was a positive development for the company; however, the necessity for our renegotiation underscores the severely depressed state of the international container vessel market. Also, as we work to mitigate the impact that the current economic conditions are having on our rail ferry service, given our strong balance sheet, we continue to develop accretive growth opportunities for the company.”

Operating Income

Operating Income for the three months ended June 30, 2009, was $10.2 million as compared to $2.3 million for the comparable period in 2008. The current quarterly results include an impairment charge of $2.9 million resulting from the early redelivery of one of the Company’s two international flag container vessels. In conjunction with the Company’s acceptance of one vessel’s early redelivery, the charterer has increased the charter hire payment on the remaining international flag container vessel. The firm charter period for this vessel runs through March, 2011.

The Company’s Time Charter segment continued to be favorably impacted by the results of its supplemental cargoes carried by its U.S. flag PCTC fleet. Additionally the Company’s U.S. flag Coal Carrier had more operating days in this second quarter of 2009 as compared to the same period in 2008. However, these favorable results were impacted within the segment by the lower results of the Company’s operations in Indonesia servicing a customer’s mining operations in that region. One of the Company owned vessels used in this service experienced a significant amount of non-operating time resulting from unscheduled repairs.

The Contract of Affreightment segment had improved results compared to the same prior year period as a result of lower vessel operating costs.

The Company’s Rail Ferry segment, although showing improved results from the previous quarter, reported lower results in the current 2009 quarter as compared to the 2008 quarterly results. This segment continues to be impacted by the economic market conditions.

Administrative and General Expense

Administrative and general expenses were approximately 4% lower than the same second quarter period in 2008.  This slight decrease reflects the Company’s on-going efforts to reduce administrative and general expenses.

 Interest Income and Expense

Interest expense for the three months ended June 30, 2009, was lower than the same period in 2008, reflecting lower outstanding principal balances.  Interest income for the quarter reflects market losses of $293,000 from reduced values in the Company’s investment portfolio.

Federal Income Tax Benefit

International Shipholding Corporation’s federal income tax benefit for the second quarter of 2009 was $221,000 versus a benefit of $614,000 for the second quarter of 2008.  The reduction in benefit reflects higher results in those segments taxed at the U.S. corporate statutory rate.

 Unconsolidated Entities

The current quarter’s results of the Company’s Unconsolidated Entities, excluding the second quarter 2008 $15.1 million gain on the sale of a vessel, showed a slight improvement.  The improvement results from higher charter rates on the one remaining Panamax Bulk Carrier which in the 2008 period was at the end of a long-term charter.

 Dividend Declaration

The Company’s Board of Directors authorized the payment of a $.50 dividend for each share of common stock owned on the record date of August 17, 2009, payable on September 1, 2009.  The Company intends to continue to declare quarterly dividends.  All future dividend declarations and amounts remain at the discretion of International Shipholding Corporation’s Board of Directors.

About International Shipholding

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

Caution concerning forward-looking statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on form 10-K for the year ended December 31, 2008 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. 

(Reference the Related Financial Statements within the Press and Earnings Release sections of “Investor Relations”)