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International Shipholding reports on streamlining

Written by Nick Blenkey
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PCTC Glovis Countess is set for delivery to new owners by end of year


It reports that it has executed a Memorandum of Agreement and buyers have lodged the required deposit for the sale of the international-flag PCTC Glovis Countess. Delivery of the vessel is scheduled to be completed by December 31, 2015. Excess cash after debt payoff of approximately $16 million will be maintained by the company for general corporate purposes.

The company has also executed Memoranda of Agreement for the sale of its two handysize vessels and one capesize vessel for approximately $30 million. Deliveries of the vessels are scheduled to be completed prior to January 31, 2016. All net proceeds from the sale of these vessels will be used to pay down outstanding debt.

The company is in discussions on the sale of its supramax vessel and its railcar service facility (FSI) in Mobile, AL. All net proceeds from the sales will be used to pay down outstanding debt.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, said, "As we continue to streamline International Shipholding, we are focused on completing the implementation of our Strategic Plan in an expeditious, but orderly, manner. We continue to market all of the remaining assets to be divested pursuant to our Strategic Plan, and we will provide further periodic updates as we continue to make progress towards our March 31, 2016 target for full implementation.å

DECEMBER 10, 2015 —Mobile, AL, headquartered International Shipholding Corporation (NYSE:ISH) today provided an update on the implementation of its Strategic Plan which aims  to streamline the company by focusing on its three core segments: the Jones Act, Pure Car Truck Carriers, and Rail Ferry.

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