March 14 (Reuters) - Shipping company International Shipholding Corp said it would sell two of its vessels for $73.9 million to Norwegian Car Carriers ASA to repay debt.
International Shipholding, which provides specialized vessels for transporting cargo, will sell two of its pure car truck carriers -- used to transport vehicles such as cars and construction machinery.
The company, which has a fleet of 38 vessels, expects to report a gain of about $3.5 million from the deal in the first quarter.
Proceeds from the deal will be used to pay down a debt of about $35 million and help it pursue “accretive growth opportunities,” the company said.
The Mobile, Alabama-based company’s shares, which have gained 17 percent in value in the last three months, were trading at $21.25 on the New York Stock Exchange on Wednesday.