Second Quarter 2010 Highlights

• Generated net income of $9.6 million for the quarter ended June 30, 2010
• Earnings of $1.33 per share
• Bought back 223,051 shares of common stock
• Expanded owned fleet and placed two additional vessels on charters

Net Income

The Company reported net income of $9.6 million for the three months ended June 30, 2010. For the comparable three months ended June 30, 2009, the Company reported net income of $10.7 million.

Mr. Niels M. Johnsen, chairman and chief executive officer, commented: “During the most recent quarter, we agreed with our Norwegian partners to order two additional new mini bulkers through our Oslo Bulk Joint Venture bringing the total vessels on order to 10 vessels. One of our United States Flag pure car truck carriers, which had been trading on voyage to voyage contract cargoes since earlier this year, delivered under a newly negotiated long term time charter effective this month. Furthermore, one of our international flag pure car truck carriers commenced performance under a previously negotiated medium term time charter.”

“In addition to buying back 223,051 shares of our common stock, we continue to deliver tangible value to our shareholders having declared a dividend of $0.375 per share for the quarter. Going forward, we will remain focused on growing and diversifying our shipping portfolio. Even though segments of our industry continue to experience volatility and uncertainty, we are confident that we will develop new growth opportunities.”

Operating Income

Operating Income for the three months ended June 30, 2010 was $13.1 million as compared to $10.2 million for the comparable period in 2009, which included an impairment charge of $2.9 million resulting from the early redelivery of the Company’s one remaining international flag container vessel. Adjusting for the 2009 impairment charge, the current and prior year quarterly results are comparable.

The Company’s Time Charter segment had improved results primarily from additional operating days on its U.S. flag Coal Carrier and vessels operated under contract to the Military Sealift Command. Additionally, our operations in Indonesia, which had one of its vessels under repairs in 2009, operated without incident in the current quarter. Partially offsetting these favorable results were lower supplemental cargo volumes in the current quarter as compared to the second quarter of 2009. The results of the Contract of Affreightment segment were lower compared to the prior year period due to the scheduled reduction in the contracted freight rates that took effect in the fourth quarter of 2009. The results of the Company’s Rail Ferry segment were lower compared to the second quarter of 2009 as a result of lower northbound cargo volume.

Administrative and General Expense

Administrative and general expenses increased by $745,000 from the second quarter in 2009. The 2009 results included a $500,000 reversal of an accrued expense projected by the Company during the evaluation of the unsolicited conditional offer to purchase the Company. Adjusting for this credit, the higher 2010 second quarter expense is primarily a result of the amortization of 2010 performance-based stock grants provided to senior management.

Interest and Other Expense

Interest expense for the three months ended June 30, 2010, increased from the comparable period in 2009. This increase is directly attributable to the additional debt associated with the two vessels placed to support our Indonesian service and our new international flag PCTC, partially offset by otherwise scheduled principal reduction. Income from the subsequent sale and financing of the aforementioned Indonesian vessels is reflected as “Other Income from Vessel Financing”. Investment income was higher in the 2010 second quarter compared to the 2009 second quarter, as 2009 results reflected the write-down of some of the Company’s investment portfolio. Additionally, current quarter return yields are higher compared to the second quarter of 2009. The Foreign Exchange loss of $3.1 million reflects the strengthening in the Yen versus the U.S. dollar during the second quarter of 2010. The Company’s Yen-denominated loan on its newly delivered international flag PCTC is revalued at the end of the reporting period with any adjustments recorded to period earnings. The outstanding facility at June 30, 2010 was Yen 5,102,500,000.

Federal Income Tax Benefit

The Company’s total income tax benefit for the second quarter of 2010 was $30,000 compared to a benefit of $226,000 for the comparable period in 2009. The reduced benefit reflects improved results in the segments taxed at the U.S. corporate statutory rate.

Unconsolidated Entities

In the second quarter of 2010, the results from the Company’s unconsolidated entities decreased from the first quarter of 2009. Current quarter’s results include a provision of U.S. income tax on gross earnings, while in 2009 no provision was required as a result of the tax law in effect at that time. Additionally, the Company’s 25% investment in a venture contracted to build Mini-bulkers was reduced to reflect a drop in the fair market value of that venture’s interest rate hedge instrument.

Dividend Declaration

The Company’s Board of Directors authorized the payment of a $0.375 dividend for each share of common stock owned on the record date of August 17, 2010, payable on September 1, 2010. The Company intends to continue to declare quarterly dividends. All future dividend declarations and amounts remain subject to 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.
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, 2009 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

David Burke
(646) 673-9701

International Shipholding Corporation
Niels M. Johnsen, Chairman (212) 943-4141
Erik L. Johnsen, President (251) 243-9221

 The conference call will feature members of the Company’s management team, including Niels M. Johnsen, Chairman and Chief Executive Officer, Erik L. Johnsen, President, and Manuel G. Estrada, Chief Financial Officer. To participate in the conference call, please dial (888) 349-9601 (domestic) or (719) 325-2357 (international). Participants can reference the International Shipholding Second Quarter Earnings Call or passcode 3947104. Please dial in approximately 5 minutes prior to the call.

 The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.intship.com. Please allow extra time prior to the call to visit the Company’s website and download any software that may be needed to listen to the webcast.

 A replay of the conference call will be available through August 5, 2010, at 877-870-5176 (domestic) or 858-384-5517 (international). The passcode for the replay is 3947104. 

 About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of United States and International 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.

 Contact:

The IGB Group

Lev Janashvili
(212) 227-7098
ljanashvili@igbir.com

David Burke
(646) 673-9701
dburke@igbir.com

The conference call will feature members of the Company’s management team, including Niels M. Johnsen, Chairman and Chief Executive Officer, Erik L. Johnsen, President, and Manuel G. Estrada, Chief Financial Officer. The management team will provide an industry and Company overview and discuss first quarter financial and operating results.

The conference call will be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.intship.com. Please allow extra time prior to the call to visit the Company’s website and download any software that may be needed to listen to the webcast.

A replay of the conference call will be available through May 14, 2010, at (888) 203-1112 (domestic) or (719) 457-0820 (international). The passcode for the replay is 2455709.

About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of United States and International 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.

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

Associated Press Issues Correction

International Shipholding Corporation’s shareholders elected the following directors, each to serve until the next annual meeting and until their successors are duly elected and qualified.  The newly elected directors are:

• Kenneth H. Beer
• Erik F. Johnsen
• Erik L. Johnsen
• Niels M. Johnsen
• H. Merritt Lane III
• Edwin A. Lupberger
• James J. McNamara
• Harris V. Morrissette
• T. Lee Robinson, Jr. 

Additionally, shareholders approved the Company’s proposed amendment to its Certificate of Incorporation to increase the number of authorized shares of common stock to 20,000,000 from 10,000,000.

Shareholders also ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2010.

 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

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

First Quarter 2010 Highlights

• Generated net income of $10.6 million for the quarter ended March 31, 2010
• Continued to strengthen balance sheet
• Earnings Per Share of $1.44

Net Income
The Company reported net income of $10.6 million for the three months ended March 31, 2010. For the comparable three months ended March 31, 2009, the Company reported net income of $9.5 million.

Mr. Niels M. Johnsen, chairman and chief executive officer, commented: “We had a strong start to 2010. Given continued challenging times for the shipping industry, our focus on a diversified portfolio of medium to long-term contracts has proven to be a sound strategy, allowing us to once again achieve solid operating results.

Mr. Johnsen continued: “As we have demonstrated through our transactions over the past six months, our goal is to continue to grow and diversify our fleet portfolio. During the first quarter, we strengthened our balance sheet, which provides us with financial flexibility to pursue growth opportunities in 2010.”

Operating income
Operating income for the three months ended March 31, 2010 was $8.3 million as compared to $8.6 million for the comparable period in 2009. The Company’s Time Charter segment results were slightly lower compared to the first quarter of 2009, primarily due to lower supplemental cargo volumes. While lower on a comparable quarter-to-quarter basis, the current 2010 supplemental cargo results exceed historical averages. Offsetting the lower supplemental cargo volumes were the improved results of the Company’s U. S. Flag Coal Carrier, which, as a result of a contract extension, extended its economic life, reducing its annual depreciation. The results for the Contract of Affreightment segment were lower compared to the prior-year period due to the scheduled reduction in the contracted freight rates that took effect in the fourth quarter of 2009. The results for the Company’s Rail Ferry segment declined marginally from the first quarter of 2009 due to the lower volume of its northbound cargo.

Administrative and General Expense
Administrative and general expenses decreased by 4%. Expenditures for the first quarter of 2010 include a $450,000 charge associated with the amortization of the 2010 performance-based stock grants provided to senior management. Excluding this non-cash charge, the decrease from the prior year comparable quarter is 11%.

Interest Expense
Interest expense for the three months ended March 31, 2010 increased from the comparable period in 2009. This increase is directly attributable to the additional debt associated with the two vessels placed to support our Indonesian service, partially offset by otherwise scheduled principal reduction. Income from the subsequent sale and financing of the aforementioned Indonesian vessels is reflected as “Other Income from Vessel Financing”.

Federal Income Tax Benefit
The Company’s total income tax benefit for the first quarter of 2010 was $612,000 compared to a benefit of $1.6 million for the comparable period 2009. The reduced benefit was primarily attributable to the improved results of the Company’s U.S. Flag Coal Carrier and a provision on the dividends received from the Company’s investment in its unconsolidated entity owning Bulk Carriers. Prior period dividends and earnings were not subject to United States income tax in prior years under an expired federal tax provision.

Unconsolidated Entities
In the first quarter of 2010, the results from the Company’s unconsolidated entities increased from the first quarter of 2009 as a result of the $1.4 million gain associated with the sale of its one remaining Panamax Bulk Carrier.

Dividend Declaration
The Company’s Board of Directors authorized the payment of a $0.375 dividend for each share of common stock owned on the record date of May 17, 2010, payable on June 1, 2010. The Company intends to continue to declare quarterly dividends. All future dividend declarations and amounts remain subject to 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, 2009 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

 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