International Shipholding Corporation (ISH) today announced the purchase of a 1999-built Pure Car Truck Carrier (PCTC). The vessel acquisition was funded by a $3.5 million cash payment and the sale of the Company’s 1994-built PCTC, Green Cove, to the seller in a transaction valued at approximately $27.5 million.
The newly purchased PCTC, which will be reflagged under the U.S. Flag and renamed Green Cove, will promptly commence a long-term charter with a strong, creditworthy counterparty.
Mr. Erik L. Johnsen, President of International Shipholding Corporation, commented, “We are pleased to have enhanced our fleet with a modern, higher specification PCTC, which will provide us with expanded capability and flexibility in the transportation of cargoes. This transaction further demonstrates management’s ability to both realize value and increase the commercial potential of its fleet for the benefit of its shareholders.”
International Shipholding Corporation currently owns and operates seven PCTCs.
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.