International Shipholding (ISH) Completes $111M Acquisition of U.S. United Ocean Services
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International Shipholding Corporation (NYSE: ISH) announced today the successful closing of the previously announced acquisition of U.S. United Ocean Services, LLC (“UOS”), a provider of marine transportation services for dry bulk and break-bulk commodities in the United States. The acquisition was completed for a total purchase price of $111 million cash and is expected to be immediately accretive to earnings and operating cash flow.
With the addition of UOS, which operates two handysize bulkers and four tug/barge units, ISH has a leading position in the U.S. Jones Act dry bulk market with total capacity of 197,000 dead weight tons. The UOS fleet operates on long-term contracts with longstanding customers. This acquisition provides ISH with a more diverse product offering and improved operating efficiencies and is expected to increase the Company’s contracted revenue stream to approximately 68% of total revenue in 2013.
DNB Markets, Inc. acted as exclusive financial advisor to ISH.
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With the addition of UOS, which operates two handysize bulkers and four tug/barge units, ISH has a leading position in the U.S. Jones Act dry bulk market with total capacity of 197,000 dead weight tons. The UOS fleet operates on long-term contracts with longstanding customers. This acquisition provides ISH with a more diverse product offering and improved operating efficiencies and is expected to increase the Company’s contracted revenue stream to approximately 68% of total revenue in 2013.
DNB Markets, Inc. acted as exclusive financial advisor to ISH.
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