Business and Basis of Presentation	9 Months Ended
Sep. 30, 2015
Business and Basis of Presentation [Abstract]
Business and Basis of Presentation	NOTE 1 – BUSINESS AND BASIS OF PRESENTATION Financial Position We operate a diversified fleet of U.S. and International flag vessels that provide international and domestic maritime transportation services. For additional information on our business, see Item 2 of Part I of this report. Since 2014, we have encountered certain challenges related to complying with our debt covenants and overall liquidity restraints. We have taken numerous steps to improve our liquidity, including selling assets, reducing our dividends, laying up vessels and reducing our costs. In addition, in June of 2015, we initiated efforts to recapitalize all of our debt and operating leases by September 30, 2015, and thereafter sought to raise funds by either selling debt securities or borrowing funds from financial institutions. We also requested limited waivers as of September 30, 2015 from all of our lenders and lessors in case our attempts to refinance our debt and leases were unsuccessful. By early October 2015, we withdrew our efforts to recapitalize our debt, began negotiations with all of our lenders and lessors on limited waivers and began to formulate a new strategy to provide us with means to improve our liquidity and financial position. On October 21, 2015, our Board of Directors approved a plan to restructure the Company principally by focusing on three core segments including the Jones Act, PCTC and Rail-Ferry segments. Throughout this Form 10-Q, we use the term “Strategic Plan” specifically to refer to the Board approved plan to restructure the Company. The non-core assets we will seek to divest include all of the assets in our Dry Bulk Carriers, Specialty Contracts and Other segments. In addition to these assets, we will also seek to divest (i) our minority investment in mini bulkers, chemical tankers and asphalt tankers, (ii) one PCTC vessel, and (iii) a small, non-strategic portion of our retained operations. If we are successful in implementing this Strategic Plan, we believe it will strengthen our financial position by reducing our debt to more manageable levels and increasing our liquidity, which we believe will, in turn, provide us with future opportunities to create value for our shareholders. On or prior to November 16, 2015, we amended each of our credit facilities. These amendments, among other things, obligate us to complete various steps of our Strategic Plan by certain specified milestone deadlines ranging from December 4, 2015 to June 30, 2016. Because of the uncertainties associated with our ability to implement the Strategic Plan within the required time constraints, we have classified as of September 30, 2015 all $213.7 million of our debt obligations as current, which caused our current liabilities to far exceed our current assets as of such date. If we are unsuccessful in disposing of certain non-core assets by the milestones and at specified amounts agreed to with our lenders and lessors, we would be in default under one or more of our credit facilities and all of our creditors would have the right to accelerate our debt. As a result of the matters described herein, including the uncertainty regarding our ability to execute the Strategic Plan and our lenders’ abilities to demand payment under our debt agreements, if we are unable to successfully mitigate these uncertainties, there would be substantial doubt about our ability to continue as a going concern. For more information on our Strategic Plan and current debt compliance matters, see (i) Note 13 – Debt Obligations and Note 21 – Subsequent Events and (ii) Item 2 of Part I of this report. Basis of Presentation We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the SEC and as permitted hereunder, we have omitted certain information and footnote disclosures required by GAAP for complete financial statements. We recommend you read these interim statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. The Condensed Consolidated Balance Sheet as of December 31, 2014 included in this report has been derived from the audited financial statements at that date. The foregoing 2015 interim results are not necessarily indicative of the results of operations for the full year 2015. Management believes that it has made all adjustments necessary, consisting only of normal recurring adjustments, for a fair statement of the information presented. The accompanying financial statements include the accounts of International Shipholding Corporation and its majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Our policy is to consolidate all subsidiaries in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting interest and have the ability to exercise significant influence over their operating and financial activities. Revenues and expenses relating to our Rail-Ferry, Jones Act, and Specialty segments’ voyages are recorded over the duration of the voyage. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments are made. Based on our prior experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus the actual expenses recorded as incurred. Revenues and expenses relating to our other vessels’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period. We have eliminated intercompany balances, accounts, and transactions in consolidation. Certain previously reported amounts have been reclassified to conform to the 2015 presentation. Specifically, drydock amortization of $5.1 million and $13.7 million for the three and nine months ended September 30, 2014, respectively, which were previously included in voyage expense, are now included in amortization expense, and miscellaneous depreciation expense of $0.2 million and $0.5 million for the three and nine months ended September 30, 2014, respectively, which were previously included in voyage expense and administrative and general expense, are now included in other depreciation expense in the Condensed Consolidated Statements of Operations and other tables herein. Additionally, deferred debt issuance costs, which were previously included in deferred charges, net of accumulated amortization, are now included as an offset to long-term debt (see Note 7 – Goodwill, Other Intangible Assets, and Deferred Charges).

NOTE 1 – BUSINESS AND BASIS OF PRESENTATION

Financial Position

We operate a diversified fleet of U.S. and International flag vessels that provide international and domestic maritime transportation services. For additional information on our business, see Item 2 of Part I of this report.

Since 2014, we have encountered certain challenges related to complying with our debt covenants and overall liquidity restraints. We have taken numerous steps to improve our liquidity, including selling assets, reducing our dividends, laying up vessels and reducing our costs. In addition, in June of 2015, we initiated efforts to recapitalize all of our debt and operating leases by September 30, 2015, and thereafter sought to raise funds by either selling debt securities or borrowing funds from financial institutions. We also requested limited waivers as of September 30, 2015 from all of our lenders and lessors in case our attempts to refinance our debt and leases were unsuccessful. By early October 2015, we withdrew our efforts to recapitalize our debt, began negotiations with all of our lenders and lessors on limited waivers and began to formulate a new strategy to provide us with means to improve our liquidity and financial position.

On October 21, 2015, our Board of Directors approved a plan to restructure the Company principally by focusing on three core segments including the Jones Act, PCTC and Rail-Ferry segments. Throughout this Form 10-Q, we use the term “Strategic Plan” specifically to refer to the Board approved plan to restructure the Company. The non-core assets we will seek to divest include all of the assets in our Dry Bulk Carriers, Specialty Contracts and Other segments. In addition to these assets, we will also seek to divest (i) our minority investment in mini bulkers, chemical tankers and asphalt tankers, (ii) one PCTC vessel, and (iii) a small, non-strategic portion of our retained operations. If we are successful in implementing this Strategic Plan, we believe it will strengthen our financial position by reducing our debt to more manageable levels and increasing our liquidity, which we believe will, in turn, provide us with future opportunities to create value for our shareholders.

On or prior to November 16, 2015, we amended each of our credit facilities. These amendments, among other things, obligate us to complete various steps of our Strategic Plan by certain specified milestone deadlines ranging from December 4, 2015 to June 30, 2016. Because of the uncertainties associated with our ability to implement the Strategic Plan within the required time constraints, we have classified as of September 30, 2015 all $213.7 million of our debt obligations as current, which caused our current liabilities to far exceed our current assets as of such date.

If we are unsuccessful in disposing of certain non-core assets by the milestones and at specified amounts agreed to with our lenders and lessors, we would be in default under one or more of our credit facilities and all of our creditors would have the right to accelerate our debt. As a result of the matters described herein, including the uncertainty regarding our ability to execute the Strategic Plan and our lenders’ abilities to demand payment under our debt agreements, if we are unable to successfully mitigate these uncertainties, there would be substantial doubt about our ability to continue as a going concern.

For more information on our Strategic Plan and current debt compliance matters, see (i) Note 13 – Debt Obligations and Note 21 – Subsequent Events and (ii) Item 2 of Part I of this report.

Basis of Presentation

We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the SEC and as permitted hereunder, we have omitted certain information and footnote disclosures required by GAAP for complete financial statements. We recommend you read these interim statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. The Condensed Consolidated Balance Sheet as of December 31, 2014 included in this report has been derived from the audited financial statements at that date.

The foregoing 2015 interim results are not necessarily indicative of the results of operations for the full year 2015. Management believes that it has made all adjustments necessary, consisting only of normal recurring adjustments, for a fair statement of the information presented.

The accompanying financial statements include the accounts of International Shipholding Corporation and its majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Our policy is to consolidate all subsidiaries in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting interest and have the ability to exercise significant influence over their operating and financial activities.

Revenues and expenses relating to our Rail-Ferry, Jones Act, and Specialty segments’ voyages are recorded over the duration of the voyage. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments are made. Based on our prior experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus the actual expenses recorded as incurred. Revenues and expenses relating to our other vessels’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period.

We have eliminated intercompany balances, accounts, and transactions in consolidation.

Certain previously reported amounts have been reclassified to conform to the 2015 presentation. Specifically, drydock amortization of $5.1 million and $13.7 million for the three and nine months ended September 30, 2014, respectively, which were previously included in voyage expense, are now included in amortization expense, and miscellaneous depreciation expense of $0.2 million and $0.5 million for the three and nine months ended September 30, 2014, respectively, which were previously included in voyage expense and administrative and general expense, are now included in other depreciation expense in the Condensed Consolidated Statements of Operations and other tables herein. Additionally, deferred debt issuance costs, which were previously included in deferred charges, net of accumulated amortization, are now included as an offset to long-term debt (see Note 7 – Goodwill, Other Intangible Assets, and Deferred Charges).