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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported)
November 16, 1995
INTERNATIONAL SHIPHOLDING CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
2-63322 36-2989662
(Commission File Number) (IRS Employer Identification No.)
650 Poydras Street, New Orleans, Louisiana 70130
(Address of principal executive offices) (Zip Code)
(504) 529-5461
Registrant's telephone number,
including area code
Page 1 of 5 Pages
Exhibit Index is located on
Page 4
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Item 5. Other Events.
On November 16, 1995,
International Shipholding
Corporation ("ISC") announced
that they had sold their
interest of approximately 8%
in Havtor AS, a publicly
listed company on the Oslo
Stock Exchange for
approximately $48 million in
cash. The transaction is to
be concluded by November 22,
1995. The sale is expected to
result in a before tax gain of
approximately $17 million and
an expected after tax gain of
approximately $11 million (or
$1.65 per share after the
effect of a previously
announced five for four stock
split payable on November 17
to stockholders of record on
November 3, 1995).
A copy of the press
release relating to this sale
is attached hereto as Exhibit
99(a).
Exhibit 99(a)
Press Release,
dated November 16, 1995,
issued by International
Shipholding Corporation
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SIGNATURES
Pursuant to the
requirements of the Securities
and Exchange Act of 1934, the
registrant has duly caused
this report to be signed on
its behalf by the undersigned
thereunto duly authorized.
INTERNATIONAL SHIPHOLDING CORPORATION
Date: November 17, 1995
By: /S/ Gary L. Ferguson
Gary L. Ferguson,
Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
Sequentially
Exhibit Number Numbered Page
_____________ _____________
Exhibit 99(a) 5
Press Release,
dated November 16, 1995
issued by International
Shipholding Corporation
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EXHIBIT 99(a)
FOR IMMEDIATE RELEASE
NOVEMBER 16, 1995
INTERNATIONAL SHIPHOLDING CORPORATION
SELLS INTEREST IN HAVTOR A/S FOR
APPROXIMATELY $48 MILLION
NEW ORLEANS, LA -
International Shipholding
Corporation announced that it
has sold its interest of
approximately 8% in Havtor
A/S, a Norwegian ocean
shipping company traded on the
Oslo Stock Exchange, for
approximately $48 million cash
to be concluded by November
22, 1995.
The Company said the sale
is expected to result in a
before-tax gain of
approximately $17 million; and
an expected after-tax gain of
approximately $11 million
(approximately $1.65 per
share, after the effect of a
previously announced 5 for 4
stock split payable on
November 17 to stockholders of
record at the close of
business on November 3, 1995).
The investment in Havtor
A/S was previously reflected
in the Company's financial
statements as marketable
equity securities and was
recorded at fair market value.
Unrealized holding gains from
the investment at September 30
of this year approximated $8
million, after tax, and were
excluded from earnings and
reported as a separate
component of shareholders'
equity. Accordingly this
transaction will result in an
increase in shareholders'
equity of approximately $3
million from the balance
reported at September 30,
1995.
The common stock of
International Shipholding
Corporation is traded on the
New York Stock Exchange with
the symbol ISH.
####
Contacts: Niels W. Johnsen, Chairman (212) 943-4141
Erik F. Johnsen, President (504) 529-5461
Gary L. Ferguson,
Vice President
and Chief
Financial
Officer (504) 529-5461
Charles Beverly (504) 566-0095
