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International Shipholding Corporation Reports Second Quarter 2011 Results

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.

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