10-K/A

                                   
           UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                        Washington, D. C. 20549
                          __________________
                           FORM 10-K/A No. 1
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE ACT OF 1934
              For the fiscal year ended December 31, 1994
                                  OR
__TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE ACT OF 1934
         For the Transition Period From _________ to _________
Commission File No. 2-63322

                 INTERNATIONAL SHIPHOLDING CORPORATION
        (Exact name of registrant as specified in its charter)
            Delaware                                   36-2989662
       (State or other jurisdiction of              (I.R.S. Employer
       incorporation or organization)               Identification No.)

   650 Poydras Street, New Orleans, Louisiana             70130
  (Address of principal executive offices)              (Zip Code)

   Registrant's telephone number, including area code: (504) 529-5461

PURPOSE:  This amended 10-K is being filed to include EX-27 (Financial
          Data Schedule) which was previously omitted.





     Pursuant to the requirements of Section 12(b)-15 of the Securities 
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

INTERNATIONAL SHIPHOLDING CORPORATION
(Registrant)

March 30, 1995

Gary L. Ferguson

By
/S/ Gary L. Ferguson

__________________________________________
Gary L. Ferguson
Vice President and Chief Financial Officer




                 INTERNATIONAL SHIPHOLDING CORPORATION
                                   
                            EXHIBIT  INDEX

                                                                  Page
Exhibit                                                          Number

  (3)  Restated Certificate of Incorporation, as amended, 
       and By-Laws of the Registrant (filed with the
       Securities and Exchange Commission as Exhibit 3 to the
       Registrant's Annual Report on Form 10-K for the year ended
       December   31,  1987  and  incorporated  herein  by 
       reference)                                                      --

  (4)  Specimen of Common Stock certificate (filed as an exhibit to
       the Company's Form 8-A filed with the Securities and Exchange
       Commission on April 25, 1980 and incorporated herein by
       reference)                                                      --

(4.1)  Form of Indenture between the Company and the Bank  of
       New York, as Trustee, with respect to 9% Senior Notes
       due July 1, 2003 (filed  as  Exhibit 4(c) to Amendment No. 1
       to  the  Company's Registration Statement on Form S-2
       (Registration No. 33-62168) and incorporated herein by
       reference).                                                     --

(4.2)  Form of 9% Senior Note due July 1, 2003 (included  in 
       Exhibit (4.1) hereto and incorporated herein by reference.


(11)   Statement Regarding Computation of Earnings per Share           --

(13)   1994 Annual Report to Shareholders                              --

(22)   Subsidiaries of International Shipholding Corporation           --

(27)   Financial Data Schedule                                         --

EX-27

 

<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                           29611
<SECURITIES>                                      7096
<RECEIVABLES>                                    47248
<ALLOWANCES>                                       404
<INVENTORY>                                       8954
<CURRENT-ASSETS>                                 98538
<PP&E>                                          522857
<DEPRECIATION>                                (214395)
<TOTAL-ASSETS>                                  547091
<CURRENT-LIABILITIES>                            81719
<BONDS>                                         251944
<COMMON>                                          5405
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      140911
<TOTAL-LIABILITY-AND-EQUITY>                    146316
<SALES>                                              0
<TOTAL-REVENUES>                                342333
<CGS>                                                0
<TOTAL-COSTS>                                   277018
<OTHER-EXPENSES>                                 49104
<LOSS-PROVISION>                                   900
<INTEREST-EXPENSE>                               21650
<INCOME-PRETAX>                                  19813
<INCOME-TAX>                                      6762
<INCOME-CONTINUING>                              13051
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     13051
<EPS-PRIMARY>                                     2.44
<EPS-DILUTED>                                        0