On a pro forma basis the Company currently anticipates that approximately 68% of its revenue in 2013 will be fixed and 32% will be variable. The Company further expects that the majority of its fixed revenue will be generated by its PCTC fleet and the newly acquired UOS vessels, which operate under medium to long-term contracts, whereas variable revenue will be generated primarily from the transportation of supplemental cargo on the U.S. Flag PCTC’s, from revenue sharing agreements in place with its fleet of international Handysize dry bulk vessels and the rail ferry operations. Supplemental cargo and Handysize dry bulk operations are expected to perform largely in line with 2012.

All 2013 outlook figures included in this release assume the timely completion of our pending acquisition of UOS and exclude the effects of special items (including foreign currency exchange losses or gains), future changes in regulation, any changes in operating or capital plans, and any future acquisitions, divestitures, buybacks or other similar business transactions. In addition, all outlook figures are based on acquisition-related fair value estimates for UOS that remain subject to finalization. All assets and liabilities of UOS have been assigned a fair value pursuant to applicable accounting rules; however, such fair value assignments for UOS have not been finalized and are subject to further adjustment before becoming final. For purposes of this outlook section, EBITDA means earnings before interest, taxes, depreciation and amortization.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Friday, October 26, 2012, at 10:00 AM ET. To participate in the conference call, please dial (888) 262-8720 (domestic) or (913) 312-0666 (international). Participants can reference the International Shipholding Corporation Third Quarter 2012 Earnings Call or passcode 6625854. Please dial in approximately 5 minutes prior to the call.

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