Interest and Other

Interest expense for the three months ended March 31, 2012, increased from the comparable period in 2011. This was a result of financing collateralized by the Handysize vessels acquired during the first quarter of 2011 and the Handymax vessel delivered in the first quarter of 2012. During the three month period ended March 31, 2012, the Japanese Yen depreciated in relation to the U.S. Dollar from 76.92 to 82.82. This produced the $3.6 million foreign exchange gain reported in the quarter.

Unconsolidated Entities

The results from the Company’s investments in 50% or less owned ventures decreased in the three months ended March 31, 2012, when compared to the same period in 2011. The 2011 results reflect the investment in Dry Bulk which was purchased late in the first quarter of 2011.

Balance Sheet

The Company’s working capital at March 31, 2012, was approximately $24.4 million, an increase of $5.1 million from December 31, 2011. Cash and cash equivalents was approximately $34.2 million with the Company’s $30 million Line of Credit undrawn. During the quarter, the Company finalized its equity investment in the Handymax vessel with a payment of approximately $9 million. Additionally, the Company repaid its temporary line of credit draw of $9.5 million.

Dividend Declaration

The Company’s Board of Directors authorized the payment of a $0.25 dividend payable on June 1, 2012, for each share of common stock owned on the record date of May 16, 2012. 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, April 26, 2012 at 10:00 AM ET. To participate in the conference call, please dial (888) 596-2569 (domestic) or (913) 312-0855 (international). Participants can reference the International Shipholding Corporation First Quarter 2012 Earnings Call or passcode 3269834. Please dial in approximately 5 minutes prior to the call.

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