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International Shipholding Corporation Reports Third Quarter 2011 Results

Interest and Other Expense

Interest expense for the three months ended September 30, 2011, increased from the comparable period in 2010. This increase is a product of the purchase of its two previously leased PCTC vessels and the additional debt on the purchase of the three Handysize Bulk Carriers placed in service earlier in 2011. During the quarter the Japanese Yen continued to strengthen versus the U.S. dollar creating a non-cash charge of $2.7 million. The Yen was pegged at 77.04 to $1 USD as of the end of the third quarter.

Federal Income Tax Benefit

The Company’s third quarter income tax provision was $150,000 as compared to a benefit of $51,000 for 2010 third 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 September 30, 2011, was approximately $11.9 million, a reduction of approximately $20 million from June 30, 2011. Cash, Cash Equivalents and Marketable Securities were approximately $31 million at the end of the quarter.

The equity portion of the acquisition financing of the two car carriers previously leased caused the drop in working capital. The Company generated approximately $10.9 million in cash from its operating activities while paying debt service of approximately $8.4 million during the quarter.

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 November 16, 2011, payable on December 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.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Thursday, October 27, 2011 at 10:00 AM ET. 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.

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