International Shipholding (ISH+) S-3 Shelf registration

											Exhibit 12.1
	2005		2006		2007		2008		2009		2010
Earnings
Income from Continuing Operations Before (Benefit) Provision for Income Taxes and Equity in Net Income of Unconsolidated Entities		1,808,000.00		14,505,000.00		3,812,000.00		12,399,000.00		31,723,000.00		16,631,000.00
Adjustments to Earnings:
Fixed Charges		17,767,083.23		18,774,359.74		17,977,466.68		16,539,628.03		15,478,363.22		8,829,442.13
Capitalized Interest (Amortized)		-		-		8,948.77		17,897.53		17,897.53		36,249.75
Dividends from Unconsolidated Entities		3,280,000.00		1,450,000.00		4,400,000.00		6,000,000.00		3,000,000.00		1,500,000.00
		22,855,083.23		34,729,359.74		26,198,415.44		34,956,525.56		50,219,260.75		26,996,691.88
Less:
Capitalized Interest		243,108.15		-		197,000.00		698,218.00		943,249.14		783,822.00
Total Earnings as adjusted		22,611,975.08		34,729,359.74		26,001,415.44		34,258,307.56		49,276,011.61		26,212,869.88
Fixed Charges
Interest Expense		9,626,000.00		11,147,000.00		9,762,000.00		6,886,000.00		6,110,000.00		4,032,000.00
Estimated Interest on Rent Expense		7,897,975.08		7,627,359.74		8,018,466.68		8,955,410.03		8,425,114.08		4,013,620.13
Interest Capitalized		243,108.15		-		197,000.00		698,218.00		943,249.14		783,822.00
Total Fixed Charges		17,767,083.23		18,774,359.74		17,977,466.68		16,539,628.03		15,478,363.22		8,829,442.13
Ratio of Earnings to Fixed Charges		1.27		1.85		1.45		2.07		3.18		2.97