ISH Buys Integrated Tug/Barge Unit

MarineLink.com
Monday, September 30, 2013

International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “Exercising our buy-out option on this integrated tug/barge unit further solidifies our commitment to maintaining our Company’s leadership position in the Jones Act dry bulk market."

"Across our fleet, we remain focused on providing value to our shareholders by identifying opportunities to operate in niche markets on medium to long-term contracts with quality counterparties.”

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

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