International Shipholding Corp. (NYSE: ISH) will buy Tampa, Fla.-based U.S. United Ocean Services LLC for $111 million.
U.S. United provides marine transportation for dry bulk and break-bulk commodities in the U.S.
U.S. United Ocean is a subsidiary of United Maritime Group LLC.
International Shipholding, headquartered in Mobile, Ala., expects the deal to increase its product offering and expand contracted revenue. The deal is subject to regulatory approval. The company provides maritime transportation services to commercial and government customers under mid to long-term charters and contracts.
In March, International Shipholding sold two of its International Flag Pure Car Truck Carriers to Norwegian Car Carriers ASA for roughly $73.9 million. Proceeds were used to pay down the company’s debt of roughly $35 million.