Niels W. Johnsen Consulting Agreement
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This will confirm that International Shipholding Corporation has agreed to retain you as a consultant commencing January 1, 2006 through December 31, 2006, for a fee of $125,000, payable in 12 monthly installments of $10,416.67, plus reasonable out-of-pocket expenses. At the end of the period, this Agreement is automatically extended on a month-by-month basis. Either party on a 90-day notice may cancel this Agreement. Please sign below to acknowledge your agreement to this consulting arrangement.
Sincerely,
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Chairman of the Board
AGREED AND ACCEPTED:
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______________________
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Date : 1/9/06