International Shipholding benefits from bulker sale

International Shipholding Corp. said June 25 that Dry Bulk Cape Holding Inc., a company in which it has a 50 percent interest, concluded the sale of one of its Panamax bulk carriers

ISC's said its share of the gain is about $15 million.

Because of an amendment to secured loan facility agreements of Dry Bulk Cape Holdings, ISC said its share of the net cash proceeds is about $26 million. 

Source: American Shipper