International Shipholding Corp. (ISHC: OTCQX U.S. Premier) | International Shipholding Corporation Provides Update on Series A and B Preferred Stock

International Shipholding Corporation Provides Update on Series A and B Preferred Stock

Jan 19, 2016

OTC Disclosure News Service

International Shipholding Corporation (OTCQX: ISHC) (the “Company” or
“ISH”) today announced that the Company will not declare a quarterly
dividend on its Series A Cumulative Redeemable Perpetual Preferred Stock
(OTCQX: ISHCP) or on its Series B Cumulative Redeemable Perpetual
Preferred Stock (ISHCO (pending)), as certain of the Company’s credit
agreements prohibit such payment until such time as the Company’s
outstanding debt is reduced to certain levels.

The Company continues to make significant progress in the execution of
its Strategic Plan to streamline the Company and reduce its debt.
However, the challenging shipping market has caused vessel values to
further deteriorate from the levels contemplated in the original plan
approved by the Company’s Board and agreed to by the Company’s lenders
and lessors. As the Company continues to execute the Strategic Plan, it
plans, based on current condition, to reinstate the preferred dividend
payments at such time as is allowed under the conditions of its creditor
agreements. Under the terms governing the Series A and Series B
preferred shares, the dividends for both series will increase by 2%
until the Company has paid all accrued but unpaid dividends for three
consecutive payment dates.

About International Shipholding Corporation

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.

For more information about the company, please visit www.intship.com.

Caution concerning forward-looking statements

Except for historical and factual information, the matters set forth in
this release and future oral or written statements made by us or our
management, including statements regarding our 2015 guidance, and other
statements identified by words such as “estimates,” “expects,”
“anticipates,” “plans,” and similar expressions, are forward-looking
statements within the meaning of the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations only, and are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
our control. Actual events and results may differ materially from those
anticipated, estimated, projected, expressed or implied by us if one or
more of these risks or uncertainties materialize, or if our underlying
assumptions prove incorrect. Factors that could affect actual results
include, but are not limited to: our ability to successfully and timely
implement our restructuring or refinancing plans in full; potential
changes in such plans; our ability to maximize the usage of our vessels
and other assets on favorable economic terms, including our ability to
renew our time charters and contracts on favorable terms when they
expire, and to maximize our carriage of supplemental cargoes; our
ability to comply with each of our debt instruments, including all
financial covenants, divestiture requirements and mandatory prepayment
obligations; changes in domestic or international transportation markets
that reduce the demand for shipping generally or for our vessels in
particular, including changes in the rates at which competitors add or
scrap vessels; industry-wide changes in cargo freight rates, charter
rates, vessel design, vessel utilization or vessel valuations, or in
charter hire, fuel or other operating expenses; unexpected
out-of-service days affecting our vessels, whether due to drydocking
delays, unplanned maintenance or modifications, accidents, equipment
failures, obsolescence, adverse weather, natural disasters, or other
causes; our ability to access the credit markets or sell assets on terms
reasonable to us or at all, including our ability to sell vessels to
reduce our leverage; political events in the United States and abroad;
the appropriation of funds by the U.S. Congress, including the impact of
any future cuts to federal spending; terrorism, piracy, quarantines and
trade restrictions; changes in foreign currency rates or interest rates;
the effects of more general factors, such as changes in tax laws or
rates in pension or benefits costs, or in general market, labor or
economic conditions; and each of the other economic, competitive,
governmental, and technological factors detailed in our reports filed
with the Securities and Exchange Commission. You should be aware that
new factors may emerge from time to time and it is not possible for us
to identify all such factors. Similarly, we cannot predict the impact of
each such factor on our business or the extent to which any one or more
factors may cause actual results to differ from those reflected in any
of our forward-looking statements. Accordingly, you are cautioned not to
place undue reliance upon any of our forward-looking statements, which
are inherently speculative and speak only as of the date made. We
undertake no obligation to update or revise, for any reason, any
forward-looking statements made by us or on our behalf, whether as a
result of new information, future events or developments, changed
circumstances or otherwise.

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The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/ISHC/news?id=123456

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