February 18, 2007
Mr. Erik F. Johnsen
P.O. Box 160
Covington, LA 70434
Reference: Erik F. Johnsen Consulting Agreement
This letter will confirm that International Shipholding Corporation has agreed to retain you as a consultant
for a period of time commencing May 1, 2007, and ending December 31, 2008. Your consulting compensation
will be annual fee of $250,000, payable pro-rata in monthly installments of $20,833.34, plus reasonable out-of-
pocket expenses. At the end of the agreed period of time, this Agreement is automatically extended month-by-
month with a continuation of said pro-rata monthly installments of $20,833.34.
This Agreement may be cancelled by either party on giving a 90-day notice of cancellation.
Please sign below to acknowledge your agreement and acceptance of this Consulting Agreement.
N. M. Johnsen
Chairman of the Board
AGREED AND ACCEPTED:
/s/ Erik F. Johnsen
Erik. F. Johnsen
April 30, 2007