News

Mobile, Alabama, January 18, 2012 – International Shipholding Corporation (NYSE: ISH) today announced that it will release its fourth quarter 2011 earnings results following the close of the market on Wednesday, February 1, 2012, and will host a conference call to discuss the results at 10:00 AM ET Thursday, February 2, 2012.

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) 427-9419 (domestic) or (719) 325-2172 (international). Participants can reference the International Shipholding Corporation Fourth Quarter 2011 Earnings Call or passcode 9261934. 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 February 9, 2012, at (877) 870-5176 (domestic) or (858) 384-5517 (international). The passcode for the replay is 9261934.

 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.

 Contact:

The IGB Group

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

 Leon Berman
(212) 477-8438
lberman@igbir.com

Mobile, Alabama, October 13, 2011 – International Shipholding Corporation (NYSE: ISH) today announced that it will release its third quarter 2011 earnings results following the close of the market on Wednesday, October 26, 2011, and will host a conference call to discuss the results at 10:00 AM ET Thursday, October 27, 2011.

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) 312-3046 (domestic) or (719) 325-2109 (international). Participants can reference the International Shipholding Corporation Third Quarter 2011 Earnings Call or passcode 5271974. 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 November 3, 2011, at (877) 870-5176 (domestic) or (858) 384-5517 (international). The passcode for the replay is 5271974.

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.

Contact:

The IGB Group

David Burke

(646) 673-9701

dburke@igbir.com

Leon Berman

(212) 477-8438

lberman@igbir.com

Mobile, Alabama, July 27, 2011 – International Shipholding Corporation (NYSE: ISH) today announced the financial results for the quarter ended June 30, 2011.

 Second Quarter 2011 Highlights

• Generated net income of $2.8 million for the three months ended June 30, 2011
• Secured permanent financing for the early buy-out option of two car carriers
• Took delivery of two mini bulkers as part of our Oslo Bulk Joint Venture

Net Income

The Company reported net income of $2.8 million for the three months ended June 30, 2011.  For the comparable three months ended June 30, 2010, the Company reported net income of $9.6 million.

Mr. Niels M. Johnsen, chairman and chief executive officer, stated: “During a time when our fleet of diversified vessels performed as expected, our newly acquired vessels commenced their commercial operations. We secured permanent financing to acquire the two car carriers we agreed to purchase in the first quarter by exercising our early buy-out options with the lessors.  Additionally, we took delivery of two mini bulkers as part of our Oslo Bulk Joint Venture.  The tenth and final vessel of this joint venture was delivered on July 20^th, 2011.

 “Entering the second half of 2011, we continue to maintain a diversified portfolio of medium to long-term contracts which enables the Company to achieve predictable cash flows during a time when market conditions are volatile.  Volatile markets produce opportunities, and we continue to seek opportunities to both grow the Company and to create additional shareholder value.

“In continuing our dividend policy, our Company’s Board declared a second quarter dividend payment of $0.375 per share.”

Operating Income

The Company’s Gross Voyage Profit, representing the operating results of its five segments, decreased from $18.6 million to $12 million. The lower results are directly attributable to reduced supplemental cargo volumes. While supplemental cargoes in the second quarter of 2010 were above historical levels, they have returned to normal levels in 2011, as expected.  Excluding the impact of the supplemental cargoes, results of the Company’s U.S. Flag Time Charter segment for the second quarter of 2011 were comparable to the 2010 second quarter.  The International Flag Time Charter segment results were slightly lower compared to the prior year period.  The three Handysize vessels, which operated in the second quarter of 2011, generated satisfactory results; however, these results were offset by the loss of the Company’s International Flag container vessel, which was scrapped in the third quarter of 2010.  The results in the second quarter of 2011 of the Contract of Affreightment segment were slightly lower than the 2010 second quarter due to a drop in tonnage moved.  The Company’s Rail Ferry segment reported higher results for the quarter as compared to the second quarter of 2010, as northbound cargo volumes in 2011 continue to outpace the 2010 period.  The Company’s Other segment, reflecting an increase in chartering brokerage income, had improved results in the 2011 second quarter as compared to the 2010 second quarter.  Administrative and general expenses during the second quarter of 2011 were comparable to the 2010 second quarter expenditure levels.

Interest and Other Expense

Interest expense for the three months ended June 30, 2011, decreased from the comparable period in 2010.  While the Company incurred additional debt on the purchase of the three Handysize Bulk Carriers, the lower swapped interest rate on other loans offset higher interest expense.  The foreign exchange non cash loss of $1.9 million is the result of a weaker U. S. dollar versus the Japanese Yen and its impact on the Company’s Yen-denominated facility over the three month period ended June 30, 2011.  The Yen was pegged at 80.57 as of the end of the second quarter.

Federal Income Tax Benefit

The Company’s second quarter income tax provision was $204,000 as compared to a benefit of $30,000 for the 2010 second quarter.  As the Company has no deferred tax liability balance, any losses from its on-going operations require valuation allowances which effectively eliminate the tax benefits generated in the quarter.

Balance Sheet

The Company’s working capital at June 30, 2011, was approximately $32 million, a reduction of approximately $5 million from March 31, 2011.  Cash, Cash equivalents and marketable securities were approximately $49 million at June 30, 2011.  The primary reason for the drop in the Company’s liquidity was obtaining permanent financing on the Company’s Handymax vessel scheduled for delivery in the first quarter of 2012.  This facility required additional equity during the vessel’s construction period.  We have also arranged permanent financing for the acquisition of the two car carriers which the Company had previously exercised early buy-out options from the lessors.  Both of the vessels will be acquired in July 2011 and we expect to fund equity positions of approximately $19 million.

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 16, 2011, payable on September 1, 2011. 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, 2010 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

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

Leon Berman
(212) 477-8438
lberman@igbir.com

International Shipholding Corporation

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

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

Mobile, Alabama, April 27, 2011 – International Shipholding Corporation (NYSE: ISH) today announced the financial results for the quarter ended March 31, 2011.

First Quarter 2011 Highlights

• Acquisition of the 100% equity interest of a Capesize Vessel and a Handymax Vessel, under construction, through a non-monetary transaction with a joint venture partner (“Dry Bulk transaction”)
• Permanent financing for three Handysize Bulk Carriers

Net Income
The Company reported net income of $24.1 million for the three months ended March 31, 2011, which included a gain on the Dry Bulk transaction of $18.7 million. For the comparable three months ended March 31, 2010, the Company reported net income of $10.6 million, which included a gain of $1.4 million on the sale of a Panamax Bulk Carrier. Excluding the non-recurring transactions, net income for the first quarter of 2011 was $5.4 million as compared to $9.2 million for the comparable quarter in 2010.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated: “We are pleased with our performance for the quarter as our fleet of diversified vessels continued to operate as expected. Importantly, we also further increased the percentage of direct ownership in our fleet by entering into the Dry Bulk transaction to take a 100% equity stake in a Capesize vessel and a Handymax newbuilding scheduled for delivery in the first quarter of 2012. Through this transaction we were able to recognize the value of these assets which represents the basis for a $18.7 million gain. Additionally, we exercised our previously negotiated early buy-out options to purchase two car carriers from the current lessor and intend to utilize our current cash position to partially fund this transaction.”

“The Company continued to execute its growth strategy. In addition to increasing the ownership percentage of our fleet during the quarter, our Oslo Bulk Joint Venture took delivery of two mini bulkers as scheduled. Of the ten vessels purchased for this joint venture, eight have been delivered and we expect the remaining two ships to deliver as planned during the second and third quarter.”

“We remain committed to providing our shareholders with dividends and in keeping with that policy our Board has declared a first quarter dividend payment of $0.375 per share.”

Operating income
Operating income for the three months ended March 31, 2011 was $22.9 million including the $18.7 million gain from the Dry Bulk transaction. Excluding the gain, Operating Income was $4.1 million as compared to $6.9 million for the comparable period in 2010 which excludes the gain from the sale of the vessel. The Company’s Gross Voyage Profit, which represents the operating results of its five segments, decreased from $14.2 million in the 2010 first quarter to $10.0 million in this reporting quarter. The Company’s U.S. Flag Time Charter segment results were lower primarily due to the lower supplemental cargo volumes. The 2010 first quarter supplemental cargo volumes were above historical levels. The International Flag Time Charter segment results were higher in the first quarter of 2011 primarily attributable to the operation of its three Handysize vessels, which began service during the quarter, partially offset by lower results from its Indonesian contract. The results in the first quarter of 2011 of the Contract of Affreightment segment were at comparable levels to those of the 2010 first quarter. The Company’s Rail Ferry segment reported higher results for the quarter as compared to the first quarter of 2010. Northbound cargo volumes improved, primarily due to the carriage of seasonal cargoes, while southbound cargoes were at maximum capacity. Additionally, with the lower asset values, as a result of the 2010 impairment charge, depreciation on the vessels operating in this segment was lower by approximately $500,000. The Company’s other segment, consisting mainly of chartering brokerage and agency services, had higher results in this first quarter of 2011 as compared to the 2010 first quarter primarily due to an increase in chartering brokerage income. Partially offsetting the drop in Gross Voyage Profit results of the Company’s operating segment was slightly lower administrative and general expenses.

Interest and Other
Interest expense for the three months ended March 31, 2011 increased from the comparable period in 2010. The increase is attributable to the additional debt associated with the three Handysize Bulk Carriers placed in service during this quarter and the International Flag PCTC placed in service after the 2010 first quarter. Partially offsetting the increased cost of the additional debt was a lower swap interest rate on one of the loans. The foreign exchange gain of $1.5 million is the result of the stronger U.S. dollar versus the Japanese Yen and its impact on our Yen-denominated facility. The Yen was revalued, as of March 31, 2011, at a 83.19 Yen to $1 USD exchange rate.

Federal Income Tax
The Company’s first quarter income tax provision was $208,000 as compared to a benefit of $612,000 for the 2010 comparable first quarter. The Company has no deferred tax balance, thus any losses from its on-going operations require valuation allowances which effectively eliminate tax benefits.

Balance Sheet
The Company’s working capital at March 31, 2011 was approximately $37 million, an increase of approximately $22 million from the December 31, 2010 balances. Repayment, during the quarter, of construction installment payments from the permanent financing facility on three Handysize vessels is the primary reason for the improved working capital position. Cash, cash equivalents and marketable securities were at approximately $63 million at March 31, 2011. We expect to utilize some of this balance over the next two quarters to fund equity positions in the acquisitions of the two car carriers which the Company has exercised its early buy-out options to purchase from its lessor.

Dividend Declaration
The Company’s Board of Directors authorized the payment of a $0.375 dividend payable on June 1, 2011, for each share of common stock owned on the record date of May 16, 2011. 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, 2010 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 26, 2011 – International Shipholding Corporation (NYSE: ISH) today announced the financial results for the fourth quarter and year ended December 31, 2010.

Fourth Quarter 2010 Highlights
• Generated net income of $8.941 million for the three months ended December 31, 2010
• Declares quarterly dividend of $0.375 per share payable on March 1, 2011 to shareholders of record as of February 16, 2011

Net Income
International Shipholding Corporation today reported results for the three months and year ended December 31, 2010. The Company reported net income of $8.941 million for the three months ended December 31, 2010, compared to $10.777 million for the three months ended December 31, 2009. For the full year 2010, net income was $15.302 million, compared to $42.221 million for 2009. Results for 2009 included an impairment charge on an International flag container vessel of $2.899 million while the 2010 results include the impairment charge of $25.430 million on the Company’s Rail Ferry service.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated: “In 2010 we continued to increase our contracted revenue stream and expand our fleet of diversified vessels operating on medium to long-term contracts. During the year, we refinanced a US flag pure car truck carrier and placed it on a newly negotiated long-term charter. Additionally, we commenced operations of an international flag pure car truck carrier on a medium-term charter. Our Oslo Bulk Joint Venture continued to progress as planned, and we took delivery of the first five of the 10 new mini bulkers that we invested in last year. This month we took delivery of three new Handysize bulk carriers.

“While maintaining our dividend of $0.375 per share, we also improved our financial flexibility during the year. In October of 2010, we filed a shelf registration that allows us to access up to $200 million in capital, which positions us well as we continue to pursue accretive growth opportunities.”

Operating Income
Operating Income for the three months ended December 31, 2010 was $5.5 million, as compared to income of $7.7 million for the comparable period in 2009, which included a loss of $2.1 million on the sale of an obsolete International flag container vessel.

The Company’s U. S. Flag Time Charter segment results were lower compared to the prior year period due to lower pure car/truck carrier supplemental cargo volumes. The Company’s Contract of Affreightment segment also reported lower results in the fourth quarter of 2010 as compared to the same period in 2009, primarily as a result of lower cargo volumes. The minimum cargo volumes required under the Contract of Affreightment was reached in 2010 but tonnage moved in 2009 exceeded this minimum requirement. Partially offsetting these lower results were improved operating results in the Company’s Foreign Flag Time Charter segment and its Rail Ferry segment. The Foreign Flag Time Charter benefitted from the operation of its pure car/truck carrier that delivered in 2010 while the improved Rail Ferry’s results reflected lower depreciation.

Administrative and General Expense
Administrative and general expenses decreased from the fourth quarter of 2009 by approximately $1.3 million. The 2009 amount included a $750,000 accrued contingent liability associated with incentives received in 2007 from various Alabama agencies to relocate the Company’s corporate headquarters to Mobile, Alabama.

Interest and Other Expense
Interest Expense for the three months ended December 31, 2010 decreased from the comparable period in 2009. Scheduled principal reductions and a lower swap interest rate on one of the loans were partially offset by the additional debt on the Company’s new international flag pure car/truck carrier. The foreign exchange loss of $1.652 million reflects a strengthening of the Yen versus the U.S. dollar and its impact on our Yen-denominated facility. The Yen was revalued using an 81.22 to $1 USD exchange rate.

Federal Income Tax Benefit
The Company’s income tax benefit for the fourth quarter of 2010 was $597,000 as compared to a benefit of $1.1 million for the 2009 comparable quarter. The increase in the effective tax rate reflects the establishment of a valuation allowance against part of the deferred tax assets generated during the quarter. The Company’s deferred tax liability balance is at levels that will require a valuation reserve on all future deferred tax assets.

Unconsolidated Entities
The fourth quarter results from the Company’s unconsolidated entities improved from the fourth quarter of 2009. Included in the results of the 2010 fourth quarter was a reversal of a year-to-date income tax provision of $3.9 million on the undistributed earnings of the international unconsolidated entities. During the fourth quarter, Congress extended the rule, effective retroactively to January 01, 2010, that allows for the deferral of income tax on earnings from the international unconsolidated entities. Partially offsetting this reversal were positioning costs on our investment in a joint venture operating mini bulkers.

Balance Sheet
The Company’s working capital at December 31, 2010 was approximately $15 million, a reduction of approximately $26 million from the September 30, 2010 ending position. This is a temporary drop resulting primarily from a construction installment payment to the yard for the three Handysize vessels delivered in January 2011. Permanent financing replenished the installment payment in early January. Cash, cash equivalents and marketable securities were at approximately $36 million at December 31, 2010.

During the fourth quarter, the Company had net capital outlays of approximately $32 million, which included the aforementioned construction installment payments, equity infusion in the 25% owned joint venture operating the mini bulkers and the acquisition of a small tanker vessel employed to support the Company’s Indonesian service.

Dividend Declaration
The Company’s Board of Directors authorized the payment of a $0.375 dividend, payable on March 1, 2011, for each share of common stock owned on the record date of February 16, 2011. All future dividend declarations and amounts remain subject to the discretion of International Shipholding Corporation’s Board of Directors.
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, 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

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