0000278041-06-000007 Sample Contracts

Niels W. Johnsen Consulting Agreement
Consulting Agreement • March 10th, 2006 • International Shipholding Corp • Deep sea foreign transportation of freight

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.

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CREDIT AGREEMENT dated as of December 13, 2005 By and Among CG RAILWAY, INC. as Borrower, INTERNATIONAL SHIPHOLDING CORPORATION as Guarantor, and LIBERTY COMMUNITY VENTURES III, L.L.C. as Lender
Credit Agreement • March 10th, 2006 • International Shipholding Corp • Deep sea foreign transportation of freight • Louisiana

THIS CREDIT AGREEMENT (the "Agreement") is dated as of December 13, 2005, by and among CG RAILWAY, INC., a Delaware corporation (“Borrower”), INTERNATIONAL SHIPHOLDING CORPORATION, a Delaware corporation (“Guarantor”), and LIBERTY COMMUNITY VENTURES III, L.L.C., a Louisiana limited liability company (“Lender”).

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