International Shipholding Corporation (NYSE: ISH) today announced the purchase of a 1999-built Pure Car Truck Carrier (PCTC). The vessel acquisition was funded by a $3.5 million cash payment and the sale of the Company’s 1994-built PCTC, Green Cove, to the seller in a transaction valued at approximately $27.5 million.
The newly purchased PCTC, which will be reflagged under the U.S. Flag and renamed Green Cove, will promptly commence a long-term charter with a strong, creditworthy counterparty.
Mr. Erik L. Johnsen, President of International Shipholding Corporation, commented, “We are pleased to have enhanced our fleet with a modern, higher specification PCTC, which will provide us with expanded capability and flexibility in the transportation of cargoes. This transaction further demonstrates management’s ability to both realize value and increase the commercial potential of its fleet for the benefit of its shareholders.”
International Shipholding Corporation currently owns and operates seven PCTCs.
About International Shipholding
International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide 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, 2011 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.