UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): NOVEMBER 27, 2006
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INTERNATIONAL SHIPHOLDING CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 2-63322 36-2989662
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
650 POYDRAS STREET, NEW ORLEANS, LOUISIANA 70130
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 529-5461
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
ITEM 8.01. OTHER EVENTS.
As described in the press release included as Exhibit 99.1 to this
filing, on November 27, 2006, Kristian Gerhard Jebsen Skipsrederi AS ("KGJS")
acquired all of the shares of Belden Shipholding Pte Ltd ("Belden"), a company
which owns and operates cement carrier vessels. Through our wholly-owned
subsidiary, LCI Shipholdings, Inc., we owned a 26.1% interest in Belden. Our
portion of the cash proceeds from the sale was $27.5 million, and our gain on
the sale was approximately $22.1 million. The sale of Belden's shares was
concluded following an unsolicited offer received from KGJS, and we are
currently reviewing various strategic options for utilizing our cash proceeds
from the sale.
Our equity in net income of Belden, after taxes, was $213,000 and
$634,000 for the three and nine month periods ended September 30, 2006, and $1.9
million for the year ended December 31, 2005.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit
Exhibit Number Document
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99.1 Press Release dated November 27, 2006
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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
/s/ Manuel G. Estrada
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Manuel G. Estrada
Vice President and Chief Financial Officer
Date November 29, 2006
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