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Exhibit 10.5
February 18, 2008
Mr. Niels W. Johnsen
174 Rumson Road
Rumson, NJ 07760
Reference: Niels W. Johnsen Consulting Agreement
This letter will confirm that International Shipholding Corporation has agreed to retain you as a consultant for the period of time commencing January 1, 2008, and ending December 31, 2008. Your consulting compensation will be an annual fee of $250,000, payable pro-rata in monthly installments of $20,833.34, plus reasonable out-of-pocket expenses. At the end of the agreed period of time, this Agreement is automatically extended month-by-month with a continuation of said pro-rata monthly installments of $20,833.34.
This Agreement may be cancelled by either party on giving a 90-day notice of cancellation.
Please sign below to acknowledge your agreement and acceptance of this Consulting Agreement.
Sincerely,
/s/ Niels M. Johnsen
N. M. Johnsen
Chairman of the Board
AGREED AND ACCEPTED:
/s/ Niels W. Johnsen
N. W. Johnsen
February 18, 2008
Date