LIFE INSURANCE BENEFITS PROVIDED BY THE COMPANY TO NIELS W. JOHNSEN AND ERIK F. JOHNSEN International Shipholding Corporation (the "Company") has agreements with Erik F. Johnsen, Chairman of the Board of Directors and Chief Executive Officer, and...

                 LIFE INSURANCE BENEFITS PROVIDED BY THE COMPANY
                     TO ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ AND ▇▇▇▇ ▇. ▇▇▇▇▇▇▇

     International Shipholding Corporation (the "Company") has agreements with
▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chairman of the Board of Directors and Chief Executive Officer,
and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, a Director and former Chairman, whereby their estates will
be paid approximately $822,000 and $626,000, respectively upon death. The
Company maintains an insurance policy and has established reserves sufficient to
cover these benefits.