International Shipholding Corporation (NYSE: ISH) announced last week that in light of current market conditions, it has decided not to proceed with its previously-announced $40 million common stock offering.
In October, ISH announced a $111 million plan to acquire U.S. United Ocean Services, LLC (UOS) from United Maritime Group, which according to their latest release is still on track to close later this month through “alternative financing sources”.
UOS provides Jones Act transportation services for dry bulk and break-bulk commodities. They operate the largest U.S. Flag Jones Act dry bulk fleet today (131,000 dead weight tons), which consists of two handysize bulkers and four tug/barge units. The fleet operates under long-term contracts with Tampa Electric and The Mosaic Company.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,896 members that receive our newsletter.
Have a news tip? Let us know.
Australia is scrambling to deploy new long-range missiles as the recent arrival of powerful Chinese warships off the Australian coast delivers a sharp reminder of Beijing’s growing naval muscle.
Four Dutch crew members involved in a ship collision in Singapore have pleaded guilty for their role in the city-state’s worst oil spill in a decade, the Straits Times reported Wednesday.
March 11 (Reuters) – A Russian missile attack on Tuesday damaged a grain vessel in the Black Sea port of Odesa, killing four people, Ukrainian authorities said. A ballistic missile struck the MJ Pinar...
Maritime and offshore news trusted by our 108,896 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
