International Shipholding Awarded Military Sealift Command Time Charter

International Shipholding Corporation (NYSE: ISH) announced today that Waterman Steamship Corporation, has been awarded a time charter contract with Military Sealift Command. The contract is for a firm one year period after which the Military Sealift Command will have three one-year options and one 11-month option to extend the contract.

The time charter, which is scheduled to commence in mid-December, is expected to generate gross revenues of approximately $10 million for the firm initial one-year period and approximately $50 million if all the options are exercised.