International Shipholding to buy United Ocean Services

Markets

Thursday, October 11, 2012

International Shipholding Corp. (ISH) said it has agreed to acquire U.S. United Ocean Services, a subsidiary of United Maritime Group, for about $111 million cash. Founded in 1959, UOS provides marine transportation services for dry bulk and break-bulk commodities in the United States. UOS operates the largest U.S.-flag Jones Act dry bulk fleet today (131,000 deadweight tons), which consists of two handy-size bulkers and four tug/barge units. The fleet operates u...

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