USA: International Shipholding Corporation Sells Two Car Carriers

USA - International Shipholding Corporation Sells Two Car Carriers

International Shipholding Corporation announced today that it has entered into an agreement with Norwegian Car Carriers ASA for the sale of two of its International Flag Pure Car Truck Carriers.

The transaction is scheduled to close by the end of the first quarter and will generate proceeds of approximately $73.9 million. This transaction will realize a reportable gain of about $3.5 million in the first quarter. Proceeds will be used to pay down debt of approximately $35 million collateralized by these vessels and will strengthen ISH’s position to pursue accretive growth opportunities. DnB NOR Markets, Inc. acted as exclusive advisor to the Company.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “We are pleased to realize a profit from this transaction. The sale of these two vessels provides us with liquidity to pay down debt as we seek further accretive opportunities to grow our operating fleet.”

Source: IntShip, March 14, 2012

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >