March 14, 2012 / 1:47 PM / 5 years ago

UPDATE 1-International Shipholding sells two vessels to repay debt

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.

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