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BEATING THE PIRATES
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Reroute the ship even if it means a huge diversion
Stay within recommended safe limits and patrolled areas
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October 14, 2008

International Shipholding retains Lazard

International Shipholding Corporation (NYSE: ISH ) reports that the Special Committee formed by its board on September 10, 2008 has retained Lazard to act as its financial advisor and Thacher Proffitt & Wood LLP to act as its legal advisor.

The Special Committee will review and evaluate with its financial and legal advisors the September 2, 2008 proposal from Projection LLC, a wholly owned subsidiary of Liberty Shipping Group LLC, as well as any other proposals or alternative courses of action, and will provide its recommendations to the full Board.

AMA Capital Partners LLC will continue to provide financial advisory services to the company, pursuant to a prior agreement.

The September 2 proposal by Liberty Shipping was to acquire all outstanding shares of International Shipholding's stock for $25.75 per share, in cash. You can check International's current share price via Google Finance HERE.

International said yesterday that it expects its net income for the quarter ended September 30, 2008 to be approximately $11.0 to $11.5 million or $1.51 to $1.59 per share on a fully diluted basis. It said it results for the third quarter were primarily driven by an increase in the carriage of supplemental cargoes on its U.S.-flag Pure Car Carriers which increased over second quarter liftings and by the continued improvement in the results of its Rail Ferry service as it moves closer to maximizing its carrying capacity. The company had no asset sales in the third quarter, and, additionally, based on the third quarterÕs results, it had approximately $50 million of cash and cash equivalents as of September 30.

International said its long standing strategy of having its fleet employed under medium to long term charters with charterers of high credit rating allowed its time charter segment to continue to provide consistent and predictable returns. These charters have no exposure to fluctuating fuel prices. The only segment exposed to fuel price levels, the Rail Ferry service, has existing surcharge agreements in place designed to essentially eliminate material cost increases.


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