International Shipholding wins Navy contract

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.