<PAGE 1> 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 <PAGE 2> 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 <PAGE 3> 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 <PAGE 4> INDEX TO EXHIBITS Sequentially Exhibit Number Numbered Page _____________ _____________ Exhibit 99(a) 5 Press Release, dated November 16, 1995 issued by International Shipholding Corporation <PAGE 5> 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