International Shipholding Corporation (NYSE: ISH) today announced the closing of its previously-announced sale of $27.5 million of its Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Shares”), and the sale of an additional $4.125 million of Series B Preferred Shares pursuant to the full exercise of the over-allotment option granted to the underwriters for the offering. Dividends will be payable on the Series B Preferred Shares at an initial rate of 9% per annum of the stated liquidation preference when, as and if declared by ISH’s board of directors. The Company received net proceeds from the offering of approximately $30.2 million, after deducting underwriting discounts but excluding other related expenses. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs. The Company has applied to list the Series B Preferred Shares on the New York Stock Exchange under the symbol “ISH.PRB,” and the shares are expected to be listed on or about Friday, August 2, 2013. Incapital acted as the sole structuring agent for the offering. Incapital, DNB Markets and Sterne Agee acted as joint book-running managers. Euro Pacific Capital Inc. and Regions Securities LLC acted as co-managers. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offers of the Series B Preferred Shares described in this press release will be made exclusively by means of the Company’s prospectus supplement dated July 25, 2013, and accompanying base prospectus, which relate to ISH’s effective shelf registration statement.