International Shipholding wins Navy contract
The U.S. Navy’s Military Sealift Command has awarded a time charter contract to the Waterman Steamship subsidiary of International Shipholding Corp.
The contract is for a firm one-year period after which the Military Sealift Command will have three one-year options and one 11-month option to extend the contract.
The time charter, which is scheduled to commence in mid-December, is expected to generate about $10 million revenue for the firm initial one-year period and about $50 million if all the options are exercised.
International Shipholding Corp. also said it has entered into an agreement to purchase a 2000-built multipurpose ice-strengthened vessel, to be named Green Wave, which will be used to service the contract. The company plans to fund the purchase with available cash and by arranging permanent financing.
International Shipholding wins Navy contract
