OCTOBER 23, 2012 – Mobile, Alabama, headquartered International Shipholding Corporation (NYSE: ISH) says it has purchased 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.
International Shipholding says 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.