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International Shipholding Corporation files for Chapter 11

The American shipowner International Shipholding Corporation has filed for relief under Chapter 11 at a court in New York.

The diverse owner says it currently intends to continue operating in the normal course of business without interruption.

To facilitate the Chapter 11 process, the company has entered into a debtor-in-possession $16m credit facility.

Erik Johnsen, president and CEO, commented, “Today, we took a critical step toward right-sizing the company’s balance sheet. While the company is facing challenges with its debt and capital structure, we believe our core business segments are performing satisfactorily. During the Chapter 11 process we look forward to continuing to provide our customers the same high quality, reliable shipping services they’ve come to consistently expect from us.”

Founded in 1947 the line has a fleet made up of car carriers, bulk carriers, barges, rail ferries, MPPs, tankers and boxships. The company has offices in Mobile, New York, Shanghai and Tampa.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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