International Shipholding’s Acquisition of United Ocean Services On Track, Stock Offering Withdrawn
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.
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