Interest and OtherInterest 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.
International Shipholding Corporation Reports First Quarter 2011 Results
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