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2013 October 1   09:31

International Shipholding Corporation buys ITB from CIT and GE Capital

International Shipholding Corporation (NYSE: ISH) on September 30 announced that it has completed the purchase of an integrated tug/barge unit (ITB), Coastal 202 and Florida Enterprise, from CIT and GE Capital. Coastal 202 and Florida Enterprise have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services, the ISH's press release said.

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.”

About International Shipholding Corporation

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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