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Niels M. Johnsen, chairman and chief executive officer, commented: “Oslo Bulk Shipping marks our second transaction in two months aimed at opportunistically growing the Company in a prudent manner. This joint venture positions the Company to once again take advantage of the strong long-term fundamentals in an underserved niche of the drybulk market. Specifically, the mini bulk market is characterized by an aging fleet, a favorable order book and a diverse cargo base. The total delivered cost for the eight drybulk vessels is expected to be approximately $110 million. Upon signing the agreement for the eight vessels in 2008, Oslo Bulk Shipping paid an initial installment of 20% of the contract price. Future installments will be paid over the construction period, with the final installment due upon the delivery of the vessels. Oslo Bulk Shipping has already secured construction and permanent financing for 80% of the delivered cost. International Shipholding funded its initial investment in Oslo Bulk Shipping with available cash. About International Shipholding Corporation International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U. S. and foreign flag vessels that provide international and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts. International Shipholding Corporation |
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International Shipholding Corporation invests in a joint